Clana earns an hourly wage of $16 at her job. In order to purchase her boots she will have to take time off work, so each hour away from her job costs her $16 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes on she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the boots, such as gas. Complete the following table by computing the opportunity cost of Clana's time and the total cost of shopping at each location. Opportunity Cost of Time (Dollars) Price of a Boots (Dollars per boots) 114 95 74 Store Local Shoe Store Different Neighborhood in Town Rural Outlet Total Cost (Dollars) Assume that Clana considers both her opportunity costs and the price of boots when making her shopping decision, Ciana will minimize her cost of t buying the boots if she shops at the

Clana earns an hourly wage of $16 at her job. In order to purchase her boots she will have to take time off work, so each hour away from her job costs her $16 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes on she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the boots, such as gas. Complete the following table by computing the opportunity cost of Clana's time and the total cost of shopping at each location. Opportunity Cost of Time (Dollars) Price of a Boots (Dollars per boots) 114 95 74 Store Local Shoe Store Different Neighborhood in Town Rural Outlet Total Cost (Dollars) Assume that Clana considers both her opportunity costs and the price of boots when making her shopping decision, Ciana will minimize her cost of t buying the boots if she shops at the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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