Scenario 13-6 Tony Is a Wheat Farmer, but He Also Spends Part

question 11

Multiple Choice

Scenario 13-6
Tony is a wheat farmer, but he also spends part of his day teaching guitar lessons. Due to the popularity of his local country western band, Farmer Tony has more students requesting lessons than he has time for if he is to also maintain his farming business. Farmer Tony charges $25 an hour for his guitar lessons. One spring day, he spends 10 hours in his fields planting $130 worth of seeds on his farm. He expects that the seeds he planted will yield $300 worth of wheat.
-Refer to Scenario 13-6.Tony's economic profit equals

• A) $-130.
• B) $-80.
• C) $130.
• D) $170.

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Definitions:

Adversary

An opponent or competitor in a conflict or contest.

Monetary Rewards

Financial or material compensations given to employees as recognition for their work or performance.

Micromanagement

A controlling style of management where a leader closely observes or controls the work of their subordinates, often with excessive attention to minor details.

Competition

The rivalry between entities for resources, recognition, or victory in which superior performance is rewarded.