You and your friends have decided to build a skateboard ramp behind your house. You have already purchased $500 in materials and are considering renting an electric saw.It costs $20/hr to rent an electric saw. You estimate it will take 6 hours to build the ramp. If you decide to use your saw, which is a handsaw, you will not have to pay anything to rent an electric saw, but it will take 15 hours to build the ramp. Regardless of the decision, you will need to ask for time off from your job, which pays $8/ hour. seeBased on the information provided above, answer the following questions.(a) If you use your handsaw, the explicit costs of the ramp are $(b) The explicit costs of the ramp are(c) If you use a handsaw, the implicit costs of the ramp are S(d) If you rent an electric saw, the implicit costs of the ramp are St(e) It is economically cheaper toif you rent an electric saw.<09/17 >SUBMIT ANSWE6 OF 17 QUESTIONS COMPLETED28MacBook Pro名□F 6F7F869escF3F4F5F2823456

Explicit cost is the cost which has to be paid to outsiders for getting the product ready.Implicit…

Answered: see Based on the information provided…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You and your friends have decided to build a skateboard ramp behind your house. You have already purchased $500 in materials and are considering renting an electric saw.

It costs $20/hr to rent an electric saw. You estimate it will take 6 hours to build the ramp. If you decide to use your saw, which is a handsaw, you will not have to pay anything to rent an electric saw, but it will take 15 hours to build the ramp. Regardless of the decision, you will need to ask for time off from your job, which pays $8/ hour.

see
Based on the information provided above, answer the following questions.
(a) If you use your handsaw, the explicit costs of the ramp are $
(b) The explicit costs of the ramp are
(c) If you use a handsaw, the implicit costs of the ramp are S
(d) If you rent an electric saw, the implicit costs of the ramp are St
(e) It is economically cheaper to
if you rent an electric saw.
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