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Gordon is a senior majoring in computer
network development at Smart State University. While he has been attending
college, Gordon started a computer consulting business to help senior citizens
set up their network connections and teach them how to use e-mail. Gordon
charges $25 per hour for his consulting services. Gordon also works 5 hours a
week for the Economics Department to maintain that department’s Web page. The
Economics Department pays Gordon $20 per hour. From this information we can
conclude:
a. Gordon
should increase the number of hours he works for the Economics Department to
make it comparable to his consulting business income.
b. Gordon
is obviously not maximizing his well-being if he continues to work for the
Economics Department.
c. If
Gordon chooses one hour at the beach with his friends rather than spend one
more hour with a consulting client, the forgone income of $25 is considered a
cost of the choice to go to the beach.
d. If
the Economics Department offers Gordon a full-time job he will definitely not
take the job offer.
33. Economists normally assume that the goal of a
firm is to
a. maximize
its total revenue.
b. maximize
its profit.
c. minimize
its explicit costs.
d. minimize
its total cost.
