Norman Dowd owns his own taxi, for which he bought a $11,200 permit to operate two years ago Mc Dowd earns $33.600 a year operating as an independent but has the opportunity to sell the tax and permit for $40,500 and take a position as dispatcher for Carter Text Co. The dispatcher position pays $31,500 a year for a 40-hour week. Driving his own taw. M. Dowd works approximately 5 hours per week, If he sells his business, he will invest the $40.500 and can com a 12 percent return Required a. 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 Me Dowd sell the taxi and accept the position as dispatcher? b Opportunity cost Operating as an independent Working as a dispatcher Should M. Dowd sell the tail and copt the positions dispatcher? $4.850 533.600 $35.360 Yes