Serving as a United Nations special expert on trade for 2 years comes with a salary...
Serving as a United Nations special expert on trade for 2 years comes with a salary of 70,000 CHF per year. If you decide not to serve in the UN but you’d rather work in the family business, then you will get paid 75,000 CHF per year. 1. a) What is the accounting cost of serving in the UN? 2. b) What is the opportunity cost of serving in the UN? 3. c) What is the economic cost of serving in the UN?
Homework Answers
(a)
Accounting cost = - Accounting income = - CHF 70,000 per year
Total accounting cost for 2 years = - CHF 70,000 x 2 = - CHF 140,000
(b)
Opportunity cost = Benefit foregone by serving in UN = CHF 75,000 per year
Total opportunity cost for 2 years = CHF 75,000 x 2 = CHF 150,000
(b)
Economic cost = Accounting cost + Opportunity cost = - CHF 70,000 + CHF 75,000 = CHF 5,000 per year
Total economic cost for 2 years = CHF 5,000 x 2 = CHF 10,000
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