lectur5-page47 - My old mower was a 16 hp gear box...

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47 47 Time u Time itself is scarce. Do we ever have enough time? Think about that while you are taking a test. Or, while you are on vacation. How often have we wished for more time? Does time have a value? Can we put a price on time? Sure it does, and sure we can. I never thought I would ever consider paying someone to mow my lawn, but over the last few years I have entertained the thought. It takes me about two hours (time) to mow my KY-31 tall fescue lawn. In the spring, my lawn may require two mowings per week. What could I be doing with that time? How much is my time worth? Well, I didn’t decide to hire someone to mow my lawn, but I did purchase a newer and larger garden tractor.
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Unformatted text preview: My old mower was a 16 hp, gear box, Allis-Chalmers with a 48 inch mowing deck. My new mower is a 25 hp, hydrostatic drive, 54 inch cut, Scott’s (made by John Deere). The tighter turning radius on the new mower has virtually eliminated any hand trimming or push mowing(productivity gain), and I can have the lawn finished in one hour. I substituted a more productive, more expensive, modern machine for a less productive, older machine and cut my mowing labor and mowing time in half. I paid a price though. That Scott’s was not cheap. But, I value my time more today than I did even 5 years ago. So, to me, the expensive machine was worth it....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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