How Many Hours at the Barber Shop? The opportunity cost of your time of cutting hair at your barbershop is $20 per hour. Electricity costs $10 per hour, and your weekly rent is $300. You normally stay open nine hours per day. a. What is the marginal cost of staying open for one more hour? $. (Enter your response as an integer.) b. If you expect to give two haircuts in the 10th hour and you charge $18 per haircut, is it sensible to stay open for the extra hour? Yes No

How Many Hours at the Barber Shop? The opportunity cost of your time of cutting hair at your barbershop is $20 per hour. Electricity costs $10 per hour, and your weekly rent is $300. You normally stay open nine hours per day. a. What is the marginal cost of staying open for one more hour? $. (Enter your response as an integer.) b. If you expect to give two haircuts in the 10th hour and you charge $18 per haircut, is it sensible to stay open for the extra hour? Yes No

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 2CQ

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