Question: Bob is a wheat farmer, but also likes to give fiddle lessons. One spring day, Bob faces a choice: spend ten hours planting wheat

Bob is a wheat farmer, but also likes to give fiddle lessons.

Bob is a wheat farmer, but also likes to give fiddle lessons. One spring day, Bob faces a choice: spend ten hours planting wheat or spend ten hours giving fiddling lessons. Suppose Farmer Bob charges $35 per hour for his fiddle lessons. Suppose further that, in ten hours, Bob can plant $280 worth of seeds that he expects will yield $600 worth of wheat. (Assume there are no other costs involved with either activity.) After breakfast, Bob decided to spend the day giving fiddle lessons. What is the explicit cost Farmer Bob incurred from his ten hours of giving fiddle lessons? Select one: OA. $0. OB. $35. OC. $250. OD. $280. OE. $315. OF. $320. OG. $350. OH. $600. O $630.

Step by Step Solution

★★★★★

3.44 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

OB 35 Bob charges 35 per hour for his fiddle lessons so in ten hours he would ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Let E be a nonempty subset of Rn. a) Show that a sequence xk E converges to some point a E if and only if for every set U, which is relatively open in E and contains a, there is an N N such that...

Let X be a metric space. a) Prove that if E X is compact, then E is sequentially compact (see Exercise 10.1.10). b) Prove that if X is separable and satisfies the Bolzano-Weierstrass Property, then...

Let E be a connected subset of Rn. If f : E R is continuous, f(a) f(b) for some a, b E, and y is a number which lies between f(a) and f(b), then prove that there is an x E such that f(x) = y....

Hello I've attached an Excel file (NZ1832) and I got these questions wrong: 6.01, 6.02, 6.03, 6.04, 9.01, 9.04, 9.05, 9.06, 9.09, 9.12, 9.13, 10.01, 10.03, 10.04, 10.05, 10.07, 13.01, 15.01, 15.02,...

Please see attachment. All three question need to be answered in narrative format. If you have questions, just let me know. Normal requirement for references are 2 outside our course text....

PLEASE COMPLETE NO LATER THAN 10/07 @8:00AM Each question(1,2,& 3) must be a minimum of 200 words. Please make answers detailed and knowledgeable based off the attached reading. ARE YOU ABLE TO...

Files 12:56 PM Mon May 16 25% Unit+2+workbook Q . . . Home Insert Draw Layout Review View Calibri Bold (Body) 36 B I U aAv A v Unit 2-Supply and Demand Name: HR: LAW OF SUPPLY Use the space below to...

1. Texas Roadhouse (TXRH) is rapidly expanding into new markets and had sales of $1,263M in 2012. Suppose you expect sales to grow at a 15% rate in 2013, but this rate will slow by 2% per year to a...

You are considering how to invest part of your retirement savings. You have decided to put $400,000 into three stocks: 56% of the money in GoldFinger (currently $26/share), 18% of the money in...

Consider the following workplace research example: Within one company division, employees were asked to create self-managed work groups in order to accomplish an important company objective. Leaders...

Define and describe the types of manufacturing, services, and extraction industries. Give examples. 2. What are the various categories of services? Give examples for each category? 3. How do services...

Provide real-world examples of companies that prioritize attitude when recruiting people instead for their skills? Connect it with this phrase: "We recruit for attitude and train for skill," Atul...

1. How long should a clean status last for? 2.What should happen if a clearance check is required when no QC personnel are on duty? 3. How frequently should staff wash hands or sanitise their gloves

Identify a product that you believe would benefit from being redesigned. What are the current problems with the product? What specific design improvements do you recommend? Why and how will your...

A 150,000 sf building rests on an acre which has an FAR of 6. How many more square feet can be built on the parcel? 108,000 111,360 120,000 67,800

For the following exercises, find the area of the triangle. Round to the nearest hundredth. 22 50 36

The thickness specification for aluminum sheets is 0.246-0.254 mm. Data from an chart, based on samples of size 6, that shows that the process is in control, yield values of = 0.248 and = 0.002....

The article "Capillary Leak Syndrome in Children With C4A-Deficiency Undergoing Cardiac Surgery With Cardiopulmonary Bypass: A Double-Blind, Randomised Controlled Study" (S. Zhang, S. Wang, et al.,...

If X and Y are independent random variables with means X = 9.5 and Y = 6.8 and standard deviations X = 0.4 and Y = 0.1, find the means and standard deviations of the following: a. 3X b. Y X c. X + 4Y

Which neurotransmitter is no longer readily produced in Alzheimers patients? a. GABA b. dopamine c. endorphins d. acetylcholine

Which type of memory system best explains the What? phenomenon? a. echoic sensory system b. iconic sensory system c. short-term memory system d. tactile sensory system

Phineas walks out of his office and into the conference room. However, after he leaves his office, he forgets what he was coming into the conference room for. According to the encoding specificity...