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Exercise 13-5A (Algo) Opportunity costs LO 13-1 Norman Dowd owns his own taxi, for which he bought a $12,900 permit to operate two yeats ago. Mr. Dowd earns $38,700 a year operating as an independent but has the opportunity to sell the taxi and permit for $45,500 and take a position as dispatcher for Corter Taxt Co. The dxpateher position poys $36,500 a yoar for a 40 hour woek. Driving his own taxt, Mr Dowd works approximately 55 hours per week. If he sells his business, he will invest the $45,500 and can earn a 10 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 Besed solely on financial considerations, should Mr Dowd sell the taxi and accept the position as dispatcher