Farmer McDonald gives banjo lessons for $20 an hour. One day, he spends 10 hours planting $100 worth of seeds on his farm. What opportunity cost has he incurred? What cost would his accountant measure? If these seeds yield $200 worth of crops, does McDonald earn an accounting profit? Does he earn an economic profit?

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: A. Opportunity cost refers to the value of something that must be given up to get the other goods…

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A: The opportunity cost is the sacrifice of benefit that is received from the next best alternative…

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A: Accounting profit is the net income for a company, which is revenue minus explicit costs(out of the…

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A: Total cost is the sum of fixed cost and variable cost.

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A: Fixed costs are amount of dollars expended on fixed factors of production such as land, building,…

Q: Farmer McDonald's gives banjo lessons for $20 an hour. One day, He spends 10 hours planting $100…

A:

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A: Total cost is the sum of the variable cost and the fixed cost.

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A:

Q: If Farmer Jones plants no seeds on her farm, she gets no harvest. If she plants 1 bag of seeds, she…

A: Total cost is the cost that includes the fixed as well as variable cost in the product.

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A:

Q: A firm marginal-cost curve is increasing when: A. Marginal Product is deceasing B. Average fixed…

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Q: I need help with question 5 mankiw chapter 13

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Q: Explain the idea behind diminishing marginal returns and give a real-life example.

A: Diminishing Marginal Returns happen while expanding one unit of creation, while holding different…