You are improving your back yard. One of the features that you want is an octagonal (16-foot across) gazebo. You need to decide to either do it yourself or hire a contractor. You have researched gazebos on the web, building doesn't appear to be more than you can handle. In either case, you will need a building permit costing $250. The materials are $1,000. You have a firm price of $3,200 from a local licensed contractor that has built these before. You've check references and looked at three gazebos the contractor built. It is excellent workmanship. You have two friends who are good carpenters and will help you for the cost of a case of beer and a few large pizzas for lunches. You need to estimate how long it will take you to build the gazebo, consider the opportunities and threats of you building it versus the contractor. Make your decision and explain why you chose to make the gazebo or pay the contractor to build your gazebo. You should include what you consider your weekend time to be worth per hour.

 

 

Please provide cite references.