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 Time Price of a Dress Total Cost Store (Dollars) (Dollars per dress) (Dollars) Local Department Store 112 Across Town 89 Neighboring City 70
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 Time Price of a Dress Total Cost Store (Dollars) (Dollars per dress) (Dollars) Local Department Store 112 Across Town 89 Neighboring City 70
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...
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![Travel Time Each Way
Price of a Dress
Store
(Minutes)
(Dollars per dress)
Local Department Store
15
112
Across Town
30
89
Neighboring City
60
70
Juanita makes $26 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $26 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.
Opportunity Cost of Time
Price of a Dress
Total Cost
Store
(Dollars)
(Dollars per dress)
(Dollars)
Local Department Store
112
Across Town
89
Neighboring City
70](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fba42cbbb-b8cb-44bb-bfad-c034565ef72f%2F6818f24c-517b-46fe-bbb7-fa2b85e2014f%2F5k1kbqa_processed.png&w=3840&q=75)
Transcribed Image Text:Travel Time Each Way
Price of a Dress
Store
(Minutes)
(Dollars per dress)
Local Department Store
15
112
Across Town
30
89
Neighboring City
60
70
Juanita makes $26 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $26 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.
Opportunity Cost of Time
Price of a Dress
Total Cost
Store
(Dollars)
(Dollars per dress)
(Dollars)
Local Department Store
112
Across Town
89
Neighboring City
70
![2. Determining opportunity cost
Juanita is deciding whether to buy a dress that she wants, as
well as where to buy it. Three stores carry the same dress,
but it is more convenient for Juanita to get to some stores
than others. For example, she can go to her local store,
Discounted
price
located 15 minutes away from where she works, and pay a
Marked-up
price
marked-up price of $112 for the dress:
Juanita's office
Original price](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fba42cbbb-b8cb-44bb-bfad-c034565ef72f%2F6818f24c-517b-46fe-bbb7-fa2b85e2014f%2F13g37eph_processed.png&w=3840&q=75)
Transcribed Image Text:2. Determining opportunity cost
Juanita is deciding whether to buy a dress that she wants, as
well as where to buy it. Three stores carry the same dress,
but it is more convenient for Juanita to get to some stores
than others. For example, she can go to her local store,
Discounted
price
located 15 minutes away from where she works, and pay a
Marked-up
price
marked-up price of $112 for the dress:
Juanita's office
Original price
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