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11 May, 16:42

b) After you graduate, you have decided to accept a position working at the Bureau of Labor Statistics for $45,000.00 a year. The two other offers you received were working for Wal-Mart for $38,000 and working for Ernst and Young consulting for $42,000. Of these two offers, you would have preferred the job at Ernst and Young. What is the opportunity cost of accepting the position at the Bureau of Labor Statistics?

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  1. 11 May, 18:58
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    What is the opportunity cost of accepting the position at the Bureau of Labor Statistics?

    Opportunity Cost=3000

    Explanation:

    Opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another.

    Opportunity Cost=FO-CO

    where:

    FO=Return on best foregone option

    CO=Return on chosen option

    Opportunity Cost=45000-42000

    Opportunity Cost=3000
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