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Eleanor no longer needs her old stereo system. She pays $10 to post an ad in the local paper: "FREE stereo system-you haul." Kevin needs a stereo
system for his new home. He spots the ad and rents a van for $60 an hour in order to haul the stereo system. Kevin earns $18 per hour as a loan
officer. He takes an hour off work in order to pick up the stereo system.
The transaction costs associated with this exchange are:

Respuesta :

Parrain

Answer: $88

Explanation:

The transaction costs include both the explicit costs of advertising and renting the van as well as the implicit costs to Kevin for taking an hour off work.

Transaction cost therefore includes:

= Ad + Rent per hour + Kevin wages lost for the hour

= 10 + 60 + 18

= $88

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