Norman Dowd owns his own taxi, for which he bought a $12,200 permit to operate two years ago. Mi Dowd earns $36,600 a year operating as an independent but has the opportunity to sell the taxi and permit for 543,500 and take a position as dispatcher for Carter Taxi Co. The dispatcher position pays $34,500 a year for a 40-hour week. Driving his own to Mr Dowd works approximately 55 hours per week. If he sells his business, he will invest the $43,500 and can earn a 10 percent return Required 3. Determine the opportunity cost of owning and operating the independent business b. Calculate the earnings of Norman Dowd operating as an independent and the earnings of Norman Dowd working as a dispatcher Based solely on financial considerations, should Mc Dowd sell the taxi and accept the position as dispatcher? 1. Opportunity cost b. Operating as an independent Working as a dispatcher Should Mr. Dowd soll the tax and accept the position as dispatcher? SH