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If the labor market is perfectly competitive

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Reference no: EM131536668

A new recreational area in a small town will take 20 full-time (40 hours per week) workers 3 weeks to complete. In addition, the cost of materials is expected to be $75,000.

Part A: If the labor market is perfectly competitive and the market wage is $20, what are the total opportunity costs of taking on this project?

Part B: If instead the town had some unemployment, would the opportunity cost of the project change? Explain.

Reference no: EM131536668

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