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How Many Hours at the Barber Shop? The opportunity cost of your time of cutting hair at your barbershop is $20 per hour. Electricity costs $10 per hour, and your weekly rent is $300. You normally stay open nine hours per day. a. What is the marginal cost of staying open for one more hour? $. (Enter your response as an integer.) b. If you expect to give two haircuts in the 10th hour and you charge $18 per haircut, is it sensible to stay open for the extra hour? Yes No

How Many Hours at the Barber Shop? The opportunity cost of your time of cutting hair at your barbershop is $20 per hour. Electricity costs $10 per hour, and your weekly rent is $300. You normally stay open nine hours per day. a. What is the marginal cost of staying open for one more hour? $. (Enter your response as an integer.) b. If you expect to give two haircuts in the 10th hour and you charge $18 per haircut, is it sensible to stay open for the extra hour? Yes No

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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How Many Hours at the Barber Shop? The opportunity cost of your time of cutting hair at your barbershop is $20 per hour. Electricity costs $10 per hour, and your weekly rent is $300. You normally stay open nine hours per day. a. What is the marginal cost of staying open for one more hour? $ (Enter your response as an integer.) b. If you expect to give two haircuts in the 10th hour and you charge $18 per haircut, is it sensible to stay open for the extra hour? Yes No
Transcribed Image Text:How Many Hours at the Barber Shop? The opportunity cost of your time of cutting hair at your barbershop is $20 per hour. Electricity costs $10 per hour, and your weekly rent is $300. You normally stay open nine hours per day. a. What is the marginal cost of staying open for one more hour? $ (Enter your response as an integer.) b. If you expect to give two haircuts in the 10th hour and you charge $18 per haircut, is it sensible to stay open for the extra hour? Yes No
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