question archive Farmer McDonald gives banjo lessons for $20 an hour
Farmer McDonald gives banjo lessons for $20 an hour
Subject:EconomicsPrice:2.86 Bought3
Farmer McDonald gives banjo lessons for $20 an hour. One day, he spends 10 hours planting $100 worth of seeds on his farm. What opportunity cost has he incurred? What cost would his accountant measure? If these seeds will yield $200 worth of crops, does McDonald earn an accounting profit? Does he earn an economic profit?
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