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Edward the entrepreneur takes two hours to cut a lawn
Edward the entrepreneur takes 2 hours to cut a lawn, and he cuts 1,000 lawns per year. He uses solar-powered equipment (truck and mover) that will last forever — and could be sold at any time for $20,000. Edward could earn $12 per hour as a pedicurist. The interest rate is 10%. Given his current output level, compute his marginal cost and average cost of cutting lawns. Suppose he decides to reduce the number of lawns cut by half, to 500 per year. Compute the new marginal cost and average cost. answer: Edward the entrepreneur ta kes 2 hours to cut a lawn, and he cuts 1,000 lawns per year. He uses solar-powered equipment (truck and mover) that will last forever — and could be sold at any time for $20,000. Edward could earn $12 per hour as a pedicurist. The interest rate is 10%. Given his current output level, compute his marginal…

t and average cost of cutting lawns. Suppose he decides to reduce the number of lawns cut by half, to 500 per year. Compute the new marginal cost and average cost. 2 hours to cut a lawn, and he cuts 1,000 lawns per year = 2000 HOURS PER YEAR 2000 HOURS PER YEAR X12= 24000 DOLLARS equipment—————————————————————-$20,000 $20,000———.interest rate is 10%.= 2000 24000 DOLLARS + 2000=26000 DOLLARS———— ================================ average cost= total cost /quanitity=26000 DOLLARS / 2000 HOURS PER YEAR = $13

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