At Age 40,Joe Is Considering Quitting His Job and Going

question 84

Multiple Choice

At age 40,Joe is considering quitting his job and going back for a college degree.He needs two more years full-time.Tuition is $10,000 per year.He earns $30,000 per year.A college degree would raise his annual income by $10,000 per year.He will retire at age 70.His benefit of a degree would be

• A) 10,000 ×
• B) 10,000 ×
• C) 10,000/r.
• D) 10,000 ×

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Definitions:

Output

The total amount of goods or services produced by a company, industry, or economic system.

Total Variable Costs

These are expenses that change in proportion to the activity of a business, such as costs for raw materials or production.

Output

The quantity of goods or services produced within a given period by a firm, industry, or economy.

Average Variable Costs

The total variable costs divided by the number of units produced, representing the variable cost per unit of output.