Topic: Productivity cost and contingent market valuation.
Suppose the faith-based organization has three leaders: - a 52 year old, African American male physician in private practice who also holds a PhD; - a 29 year old Native American female lawyer also holds and MBA and who works for a large firm that specializes in medical malpractice claims; and - a 38 year old, Caucasian male with an MA in art history who works as cook at a local restaurant.
Suppose that each of them uses their free time to be a group leader at the faith- based organization. Each person spends three hours a week as a group leader.
Question: Would there be any friction costs involved with their volunteer activities? If you answered yes, please describe.
Answer : YES, there Would be friction costs involved with their volunteer activities.
Explanation
As it given that, three leaders from different profession work at the faith- based organization. If each of them uses their free time to be a group leader at the faith- based organization and spends three hours a week as a group leader, there must be friction costs involved with their volunteer activities. As, friction costs no only include that cost which is directly related to three leaders but also include indirect cost. Each volunteer activities includes costs in terms of money income, time (which they can spend elsewhere), work effort at faith-based organization for each of three leaders other than their profession (i.e physician, lawyer and cook ) and other costs which related to three leaders to their volunteer activities.
Topic: Productivity cost and contingent market valuation. Suppose the faith-based organization has three leaders: - a...
Topic: Productivity cost and contingent market valuation. Suppose the faith-based organization has three leaders: - a 52 year old, African American male physician in private practice who also holds a PhD; - a 29 year old Native American female lawyer also holds and MBA and who works for a large firm that specializes in medical malpractice claims; and - a 38 year old, Caucasian male with an MA in art history who works as cook at a local restaurant. Suppose...
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