Liza needs to buy a textbook for the next economics class. The price at the college bookstore is $65. One online site offers it for $55 and another site, for $57. All prices include sales tax. The accompanying table indicates the typical shipping and handling charges for the textbook ordered online. a. What is the opportunity cost of buying online instead of at the bookstore? Note that if you buy the book online, you must wait to get it. b. Show all of the relevant choices for this student. What determines which of these options the student will choose? Shipping method Delivery time Standard shipping Second-day air 3-7 days 2 business days Charge $3.99 $8.98

Liza needs to buy a textbook for the next economics class. The price at the college bookstore is $65. One online site offers it for $55 and another site, for $57. All prices include sales tax. The accompanying table indicates the typical shipping and handling charges for the textbook ordered online. a. What is the opportunity cost of buying online instead of at the bookstore? Note that if you buy the book online, you must wait to get it. b. Show all of the relevant choices for this student. What determines which of these options the student will choose? Shipping method Delivery time Standard shipping Second-day air 3-7 days 2 business days Charge $3.99 $8.98

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter5: Supply, Demand, And Price: Applications

Section: Chapter Questions

Problem 9QP

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