Homework (CH15103Local Department Store3085Across TownNeighboring City6063Juanita makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 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 answerthe 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(Dollars per skirt)Total Cost(Dollars)Store103Local Department StoreAcross Town8563Neighboring CityAssume that Juanita takes opportunity costs and the price of the skirt into consideration when she shops. Juanita will minimize the cost of the skirt ifshe buys it from theG HomeJuanita is deciding whether to buy a skirt that she wants, aswell as where to buy it. Three stores carry the same skirt,but it is more convenient for Juanita to get to some storesthan others. For example, she can go to her local store,located 15 minutes away from where she works, and pay amarked-up price of $103 for the skirt:Travel Time Each Way(Minutes)Store15Local Department Store30Across Town60Neighboring CityMarked-uppriceJuanita's officePrice of a Skirt(Dollars per skirt)1038563DiscountedpriceOriginal priceCCOⒸ

Juanita makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 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 makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 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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