ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question 05: Benjamin Franklin coined the phrase "Time is Money", and spelt out the
associated opportunity cost reasoning in his "Advice to a Young Tradesman" (1746):
"Remember that Time is Money. He that can earn Ten Shillings a Day by his
Labour, and goes abroad, or sits idle one half of that Day, tho' he spends but
Sixpence during his Diversion or Idleness, ought not to reckon That the only
Expence; he has really spent or rather thrown away
besides."
Shillings
Fill in the blank of the number of Shillings in the above quote. Hint: think of shillings
as dollars and sixpence as "pocket change" - what happens if you decide to take the
afternoon off from work?
A) ten shillings in lost wages
B) twenty shillings in lost wages
C) one shillings in lost wages
D) five shillings in lost wages
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Transcribed Image Text:Question 05: Benjamin Franklin coined the phrase "Time is Money", and spelt out the associated opportunity cost reasoning in his "Advice to a Young Tradesman" (1746): "Remember that Time is Money. He that can earn Ten Shillings a Day by his Labour, and goes abroad, or sits idle one half of that Day, tho' he spends but Sixpence during his Diversion or Idleness, ought not to reckon That the only Expence; he has really spent or rather thrown away besides." Shillings Fill in the blank of the number of Shillings in the above quote. Hint: think of shillings as dollars and sixpence as "pocket change" - what happens if you decide to take the afternoon off from work? A) ten shillings in lost wages B) twenty shillings in lost wages C) one shillings in lost wages D) five shillings in lost wages
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