Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get Discunted prie to some stores than others. For Marked p price example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the skirt: Senita's office original priee Travel Time Each Way (Minutes) 15 30 Price of a Skirt (Dollars per skirt) Store Local Department Store 102 Across Town 85 Neighboring City 60 76 Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, 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.

Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get Discunted prie to some stores than others. For Marked p price example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the skirt: Senita's office original priee Travel Time Each Way (Minutes) 15 30 Price of a Skirt (Dollars per skirt) Store Local Department Store 102 Across Town 85 Neighboring City 60 76 Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, 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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Juanita is deciding whether to buy a skirt
that she wants, as well as where to buy
it. Three stores carry the same skirt, but
it is more convenient for Juanita to get
Disceunted
prie
to some stores than others. For
Marked p
price
example, she can go to her local store,
located 15 minutes away from where she
works, and pay a marked-up price of
$102 for the skirt:
anita's office
Original pre
Travel Time Each Way
Price of a Skirt
(Dollars per skirt)
Store
Local Department Store
(Minutes)
15
102
Across Town
30
85
Neighboring City
60
76
Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, 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.
Opportunity Cost of Time
(Dollars)
Price of a Skirt
Total Cost
Store
(Dollars per skirt)
(Dollars)
Local Department Store
102
Across Town
85
Neighboring City
76
Assume that Juanita takes opportunity costs and the price of the skirt into consideration when she
shops. Juanita will minimize the cost of the skirt if she buys it from the

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