The opportunity cost of going to Florida. Concept Introduction : Opportunity Cost: Opportunity cost is the opportunity lost by choosing one alternative over the other.

Question

Store Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 102 Across Town 30 88 Neighboring City 60 65 Juanita makes $42 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $42 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 102 Across Town 88 Neighboring City 65

Answer 1

Question

Chapter 2, Problem 1.2P

To determine

The opportunity cost of going to Florida.

Concept Introduction:

Opportunity Cost: Opportunity cost is the opportunity lost by choosing one alternative over the other.

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