Labor Pains
Tuesday, March 30, 2010 - 08:28
in Mathematics & Economics
How much is my labor on the Project Calliope satellite costing me? Accounts range from 'zero' to $14,400, to $65,000. That's the difference between what I'm being paid to do it for, what I'm losing, and what I could potentially be making for the time I'm putting into this project. The valuation of volunteer labor is currently $20 per hour. Opportunity cost is defined as the 'cost of an alternative that must be forgone in order to pursue a different action'. So if it takes me 4 hours to read a novel, is that an $80 book? read more