Question

justin builds furniture for a living. justin's out-of-pocket expenses (for wood, paint, etc.) plus the value that he places on his own time amount to his a.cost of building furniture. b.profit. c.producer surplus. d.producer deficit.

Answer 1

If Justin builds furniture for his own house and makes out of pocket expenses on other items such as paint, wood etc. will amount to be his cost of building furniture that is option A is correct.

If anyone wants to build any building the most important thing he/she has to estimate is the cost of the building. Furniture is an essential commodity in today's housing system as it enables to efficiently reuse the residual spaces of the house to store a greater number of items in them. It does not make the room or area look clumsy and so is widely used by modern architects and home décor experts. Building our own DIY furniture could be a unique idea to save our money as it reduces the cost of branding, marketing and other manufacturing costs included while making any furniture. Also, it enables the person to design the furniture as per the need. However, it is not easy to purchase things that are needed for building the furniture as they are not available locally and requires huge expertise in deciding the kind and quality of raw material needed to create the final product.

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