1. Jaynet spends $30,000 per year on painting supplies and storage space. She recently received a job offer from a famous marketing firm for $110,000. However, she turned the job offer down to continue a painting career. If Jaynet sells 25 paintings per year at a price of $8,000 each:What is the minimum amount that she would need to be offered to quit her painting career?

1. Jaynet spends $30,000 per year on painting supplies and storage space. She recently received a job offer from a famous marketing firm for $110,000. However, she turned the job offer down to continue a painting career. If Jaynet sells 25 paintings per year at a price of $8,000 each:What is the minimum amount that she would need to be offered to quit her painting career?

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter23: Price-searcher Markets With Low Entry Barriers

Section: Chapter Questions

Problem 3CQ

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