John Is a Soccer Player Who Used to Be a Mechanic.Aside

question 107

Multiple Choice

John is a soccer player who used to be a mechanic.Aside from the money,he enjoys both jobs equally.He earned $30,000 as a mechanic,and now he earns $250,000 as a soccer player.If John is a soccer player,which of the following statements is correct?

• A) Total earnings = $280,000;Economic rent = $250,000;Opportunity cost = $30,000
• B) Total earnings = $280,000;Economic rent = $30,000;Opportunity cost = $220,000
• C) Total earnings = $250,000;Economic rent = $250,000;Opportunity cost = $0
• D) Total earnings = $250,000;Economic rent = $280,000;Opportunity cost = $30,000
• E) Total earnings = $250,000;Economic rent = $220,000;Opportunity cost = $30,000

Analyze how changes in price affect the quantity demanded based on the elasticity coefficient.

Determine the elasticity of supply and its implications for pricing decisions.

Grasp the relationship between price changes and demand elasticity in specific market scenarios.

Understand the concept of performance and its evaluation metrics.