We are currently studying Coase's Theory of the Firm in our economics class. My instructor asked...

We are currently studying Coase's Theory of the Firm in our economics class.

My instructor asked this question, and I am genuinely lost on how to respond:

"I love to do yard work! I know it's a bit strange but I enjoy mowing and working in the flower beds. One of the perks is the price; I work for free! This has always been a good help in keeping our yard looking great! Well, now that we are getting a bit older, I will now have to hire someone to complete some of my yard work; I'm not giving it up altogether! So what will that do to my budget? How would this relate to Coase's Theory of the Firm?"

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Rahul Sunny answered 1 year ago

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