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I will pay my 10-year old son .50 cents to wash the car, mow the lawn, cut down the weeds, take out the trash, pain
I will pay my 10-year old son .50 cents to wash the car, mow the lawn, cut down the weeds, take out the trash, pain the entire house, and clean out the filthy 1500 square foor garage. My son does all this work for .50 cents. Conclusion: Standard free market economic theory would say this is "unfair." Multiple Choice Positive Economics doesn't get involved in fairness issues. Ed, your a terrible dad and you also violated the fairness doctrine of standard economic theory. This activity violates the Utility Calculation Theory developed by Adam Smith. True. Standard microeconomic theory says this activity violates the calculation of social justice
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