Your aunt gives piano lessons for $25 per hour. She also can grow tomatoes, which she can arrange and sell at the local farmer's market. One day she spends 5 hours planting $50 worth of seeds in her garden. Once the seeds have grown into tomatoes, she can sell them for $150 at the farmer's market. Which statement is true? Opportunity cost of growing tomatoes is $125 and she can earn an accounting profit of $100. Opportunity cost of growing tomatoes is $50 and she can earn an accounting profit of $25. Opportunity cost of growing tomatoes is $50 and she can earn an economic profit of $25. Opportunity cost of growing tomatoes is $125 and she can earn an economic profit of $100.

Your aunt gives piano lessons for $25 per hour. She also can grow tomatoes, which she can arrange and sell at the local farmer's market. One day she spends 5 hours planting $50 worth of seeds in her garden. Once the seeds have grown into tomatoes, she can sell them for $150 at the farmer's market. Which statement is true? Opportunity cost of growing tomatoes is $125 and she can earn an accounting profit of $100. Opportunity cost of growing tomatoes is $50 and she can earn an accounting profit of $25. Opportunity cost of growing tomatoes is $50 and she can earn an economic profit of $25. Opportunity cost of growing tomatoes is $125 and she can earn an economic profit of $100.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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