13. A construction crew (that is currently unemployed and receiving $10/hr. in benefits) to fix a road. The cement is purchased from a rip-off monopolist that charges $10/bag more than anyone else. The cost estimate provided by the contractor's accountant is given in the table below: Price $50 ITEM Labor Cement Project Total Quantity 1,000 hours 500 Wage $20/hour The opportunity cost of the project is A) $45,000. B) $40,000. C) $35,000 D) $30,000. E) $1.414 Total $20,000 $25,000 $45,000

13. A construction crew (that is currently unemployed and receiving $10/hr. in benefits) to fix a road. The cement is purchased from a rip-off monopolist that charges $10/bag more than anyone else. The cost estimate provided by the contractor's accountant is given in the table below: Price $50 ITEM Labor Cement Project Total Quantity 1,000 hours 500 Wage $20/hour The opportunity cost of the project is A) $45,000. B) $40,000. C) $35,000 D) $30,000. E) $1.414 Total $20,000 $25,000 $45,000

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 23RQ: Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost,...

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