You are trying to decide whether to pay a house painter $400 or do the work...
You are trying to decide whether to pay a house painter $400 or
do the work yourself. It would be rational to hire a house painter
if
Choose one:A. you worked some extra hours last month
and your paycheck was $400 larger than usual.B. the last time you
painted your house, you saved the money and did it yourself.C. the
painters can do it more quickly than you can.D. the opportunity
cost of doing it yourself is more than $400.
Homework Answers
D. the opportunity cost of doing it yourself is more than $400.
If i choose to paint myself then the opportunity cost here would be the money I would have forgone had I chosen to work instead of painting the house. If that opportunity cost is higher than $400, then i must not paint. In that case, I must earn more than $400 and pay $400 to painter and let him paint the house.
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(a) Discuss the costs and the benefits associated with
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