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HW: Ten Principles of Economics Assignment Store Local Shoe Store Travel Time Each Way (Minutes) 15 Price of a Sneakers (Dollars per sneakers) 112 Different Neighborhood in Town 30 98 Rural Outlet 60 86 Juanita earns an hourly wage of $42 at her job. In order to purchase her sneakers she will have to take time off work, so each hour away from her job costs her $42 in lost income. Assume that Juanita's travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question that Juanita incurs no additional costs other than the sneakers, such as gas. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Local Shoe Store Different Neighborhood in Town Rural Outlet Opportunity Cost of Time (Dollars) Price of a Sneakers (Dollars per sneakers) Total Cost (Dollars) 112 98 86 Assume that Juanita considers both her opportunity costs and the price of sneakers when making her shopping decision. Juanita will minimize her cost of buying the sneakers if she shops at the

HW: Ten Principles of Economics Assignment Store Local Shoe Store Travel Time Each Way (Minutes) 15 Price of a Sneakers (Dollars per sneakers) 112 Different Neighborhood in Town 30 98 Rural Outlet 60 86 Juanita earns an hourly wage of $42 at her job. In order to purchase her sneakers she will have to take time off work, so each hour away from her job costs her $42 in lost income. Assume that Juanita's travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question that Juanita incurs no additional costs other than the sneakers, such as gas. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Local Shoe Store Different Neighborhood in Town Rural Outlet Opportunity Cost of Time (Dollars) Price of a Sneakers (Dollars per sneakers) Total Cost (Dollars) 112 98 86 Assume that Juanita considers both her opportunity costs and the price of sneakers when making her shopping decision. Juanita will minimize her cost of buying the sneakers if she shops at the

Principles of Microeconomics
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 9PA
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HW: Ten Principles of Economics Assignment Store Local Shoe Store Travel Time Each Way (Minutes) 15 Price of a Sneakers (Dollars per sneakers) 112 Different Neighborhood in Town 30 98 Rural Outlet 60 86 Juanita earns an hourly wage of $42 at her job. In order to purchase her sneakers she will have to take time off work, so each hour away from her job costs her $42 in lost income. Assume that Juanita's travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question that Juanita incurs no additional costs other than the sneakers, such as gas. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Local Shoe Store Different Neighborhood in Town Rural Outlet Opportunity Cost of Time (Dollars) Price of a Sneakers (Dollars per sneakers) Total Cost (Dollars) 112 98 86 Assume that Juanita considers both her opportunity costs and the price of sneakers when making her shopping decision. Juanita will minimize her cost of buying the sneakers if she shops at the
Transcribed Image Text:HW: Ten Principles of Economics Assignment Store Local Shoe Store Travel Time Each Way (Minutes) 15 Price of a Sneakers (Dollars per sneakers) 112 Different Neighborhood in Town 30 98 Rural Outlet 60 86 Juanita earns an hourly wage of $42 at her job. In order to purchase her sneakers she will have to take time off work, so each hour away from her job costs her $42 in lost income. Assume that Juanita's travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question that Juanita incurs no additional costs other than the sneakers, such as gas. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Local Shoe Store Different Neighborhood in Town Rural Outlet Opportunity Cost of Time (Dollars) Price of a Sneakers (Dollars per sneakers) Total Cost (Dollars) 112 98 86 Assume that Juanita considers both her opportunity costs and the price of sneakers when making her shopping decision. Juanita will minimize her cost of buying the sneakers if she shops at the
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