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…

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. <09/17 > SUBMIT ANSWE 6 OF 17 QUESTIONS COMPLETED 28 MacBook Pro 名□ F 6 F7 F8 69 esc F3 F4 F5 F2 8 2 3 4 5 6

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. <09/17 > SUBMIT ANSWE 6 OF 17 QUESTIONS COMPLETED 28 MacBook Pro 名□ F 6 F7 F8 69 esc F3 F4 F5 F2 8 2 3 4 5 6

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter17: Long-term Investment Analysis

Section: Chapter Questions

Problem 3.4CE

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365 ht, Library, and ng Resources soft Teams ngs soft Teams s "Marble Madness" is a local carnival game, costing $2. There are 100 total marbles in a bag: 2 red, 8 orange, 10 yellow, 30 green, 30 blue, and 20 black. If a red marble is pulled, you win $6, an orange marble wins $4, and a yellow marble wins $2. A green, blue, and black marble result in a loss of the $2 cost to play. What is the expected value of a marble pull? Provide your answer below