ECN 104 Study Guide - Quiz Guide: Lemonade, Average Variable Cost, Shoe Polish
Document Summary
Tony is a wheat farmer, but he also spends part of his day teaching guitar lessons. Due to the popularity of his local country western band, tony has more students requesting lessons than he has time for if he is to also maintain his farming business. Tony charges an hour for his guitar lessons. One spring day, he spends 10 hours in his fields planting worth of seeds on his farm. He expects that the seeds he planted will yield. worth of wheat: refer to scenario 13-1. What is the total opportunity cost tony incurred for his spring day in the field planting wheat? a. b. c. d. ____ a. b. c. d. a. b. c. d. a. b. c. d. a. b. c. d. Suppose that last year it sold 2 million chips at a price of per chip. Which of the following terminology amounted to 20 million for this firm? a. b. c. d.
