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.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 15RQ: What is productive efficiency? Allocative efficiency?

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