Econ 103 Summer 2021 Jaspreet Singh &| 07/29/21 5:45 PM Homework: Assignment #7-chapter 10 Question 10 Score: 0 of 1 point Save One year ago, Jack and Jill set up a vinegar-bottling firm (called JJVB). Question Facts Use the question facts to calculate JJVB's opportunity cost of production during its 1. Jack and Jill put $40,000 of their own money first year of operation. into the firm. 2. They bought equipment for $40,000. 3. They hired one employee at an annual wage of JJVB's opportunity cost of production during its first year of operation is $ $30,000. 4. Jack gave up his previous job, at which he earned $30,000, and spent all his time working for JJVB 5. Jill kept her old job, which paid $15 an hour, but gave up 10 hours of leisure each week (for 50 weeks) to work for JJVB. 6. JJVB bought $20,000 of goods and services from other firms. 7. The market value of the equipment at the end of the year was $35,000. 8. Jack and Jill have a $100,000 home loan on which they pay an interest rate of 6 percent a year. (1 (1. (1. Enter your answer in the answer box and then click Check Answer. (1 Check Answer Get More Help Clear All