Store Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 100 Across Town 30 86 Neighboring City 60 63 Juanita makes $56 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $56 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. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Suit Total Cost (Dollars) (Dollars per suit) (Dollars) Local Department Store 100 Across Town 86 Neighboring City 63
Store Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 100 Across Town 30 86 Neighboring City 60 63 Juanita makes $56 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $56 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. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Suit Total Cost (Dollars) (Dollars per suit) (Dollars) Local Department Store 100 Across Town 86 Neighboring City 63
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
|
Store
|
Travel Time Each Way
|
|
|---|---|---|
|
(Minutes)
|
(Dollars per suit)
|
|
| Local Department Store | 15 | 100 |
| Across Town | 30 | 86 |
| Neighboring City | 60 | 63 |
Juanita makes $56 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $56 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.
Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location.
|
Store
|
Opportunity Cost of Time
|
Price of a Suit
|
Total Cost
|
|---|---|---|---|
|
(Dollars)
|
(Dollars per suit)
|
(Dollars)
|
|
| Local Department Store |
|
100 |
|
| Across Town |
|
86 |
|
| Neighboring City |
|
63 |
|
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