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:

Unit Elastic

Describes a demand or supply that changes by an identical percentage as the price changes.

Health-care Industry Workers

Individuals employed within the health care sector, performing a wide range of roles aimed at providing health services to the population.

Rising Income Levels

An economic condition characterized by a general increase in the income received by individuals or populations over time.

Health Insurance

A type of insurance coverage that pays for medical and surgical expenses incurred by the insured, offering financial protection against high healthcare costs.