The answer choices for the fill in the blank is local department store, store in the neighboring city, and store across town Juanita is deciding whether to buy a suit that she wants, aswell as where to buy it. Three stores carry the same suit, butit is more convenient for Juanita to get to some stores thanothers. For example, she can go to her local store, located 15Discountedpriceminutes away from where she works, and pay a marked-upMarked-uppriceprice of $104 for the suit:Juanita's officeOriginal priceTravel Time Each WayPrice of a SuitStore(Minutes)(Dollars per suit)Local Department Store15104Across Town3087Neighboring City6080Juanita makes $36 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $36 in lost income.Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. AS you answerthe following questions, ignore the cost of gasoline and depreciation of her car when traveling. Travel Time Each WayPrice of a SuitStore(Minutes)(Dollars per suit)Local Department Store15104Across Town3087Neighboring City6080Juanita makes $36 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $36 in lost income.Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answerthe following questions, ignore the cost of gasoline and depreciation of her car when traveling.Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location.Opportunity Cost of TimePrice of a SuitTotal CostStore(Dollars)(Dollars per suit)(Dollars)Local Department Store104Across Town87Neighboring City80Assume that Juanita takes opportunity costs and the price of the suit into consideration when she shops. Juanita will minimize the cost of the suit ifshe buys it from thelocal department store

Opportunity cost refers to value of next best alternative. It refers to the foregone income that…

Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 Discounted price minutes away from where she works, and pay a marked-up Marked-up price price of $104 for the suit: Juanita's office Original price Travel Time Each Way Price of a Suit Store (Minutes) (Dollars per suit) Local Department Store 15 104 Across Town 30 87 Neighboring City 60 08 Juanita makes $36 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $36 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.

Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 Discounted price minutes away from where she works, and pay a marked-up Marked-up price price of $104 for the suit: Juanita's office Original price Travel Time Each Way Price of a Suit Store (Minutes) (Dollars per suit) Local Department Store 15 104 Across Town 30 87 Neighboring City 60 08 Juanita makes $36 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $36 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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