Store Local Shoe Store (Minutes) 15 Travel Time Each Way Price of a Boots (Dollars per boots) 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 boots 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 boots, 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 Boots (Dollars per boots) 112 Total Cost (Dollars) 98 86 Assume that Juanita considers both her opportunity costs and the price of boots when making her shopping decision. Juanita will minimize her cost of buying the boots if she shops at the rural outlet

Store Local Shoe Store (Minutes) 15 Travel Time Each Way Price of a Boots (Dollars per boots) 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 boots 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 boots, 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 Boots (Dollars per boots) 112 Total Cost (Dollars) 98 86 Assume that Juanita considers both her opportunity costs and the price of boots when making her shopping decision. Juanita will minimize her cost of buying the boots if she shops at the rural outlet

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 2CQ

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Store Local Shoe Store Different Neighborhood in Town Rural Outlet Travel Time Each Way (Minutes) 15 30 60 Store Local Shoe Store Price of a Boots (Dollars per boots) 114 95 Juanita earns an hourly wage of $16 at her job. In order to purchase her boots she will have to take time off work, so each hour away from her job costs her $16 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 boots, such as gas. Different Neighborhood in Town Rural Outlet 74 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 Boots (Dollars per boots) 114 95 74 Total Cost (Dollars) Assume that Juanita considers both her opportunity costs and the price of boots when making her…
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