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jolli1 [7]
3 years ago
13

Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired b

ut earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. Refer to Scenario 13-11. The implicit cost for one birdhouse is:
Business
1 answer:
Leokris [45]3 years ago
6 0

Answer: $4

Explanation: Implicit cost or sometimes referred to as the opportunity coast is the part of economic cost of a project. It can be defined as the loss of profit someone faces when choosing one alternative over other.

So implicit cost of Walter is $4 ($8 * 1/2HOUR), that is, the amount he could have earned if he were not building a birdhouse.

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