John is an economist working for Ministry of Tourism in Suva, earning $30,000 per year. There are, say, three alternative careers available for John. He can work for Reserve Bank or Ministry of Economy in Suva for $25,000 and $28,000 per year respectively. Still another alternative is that he can set up his own economic consultancy firm, expecting to make a profit of $27,500 a year for himself. What is John’s opportunity cost of working in Ministry of Tourism?

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John is an economist working for Ministry of Tourism in
Suva, earning $30,000 per year. There are, say, three alternative
careers available for John. He can work for Reserve Bank or Ministry
of Economy in Suva for $25,000 and $28,000 per year respectively.
Still another alternative is that he can set up his own economic
consultancy firm, expecting to make a profit of $27,500 a year for
himself. What is John’s opportunity cost of working in Ministry of
Tourism?

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