Suppose that Ciana is deciding whether or not to buy a pair of sneakers that she has been researching online, and also the best place to make her purchase. Three different stores in the area sell the sneakers she likes, but some stores are more convenient for Ciana to reach than others. One option is her local shoe store located only 15 minutes away from where she works, where they charge a marked-up price of $112 for the sneakers: Store Local Shoe Store Different Neighborhood in Town Rural Outlet Travel Time Each Way (Minutes) 15 30 60 Marked-up price Store Local Shoe Store Different Neighborhood in Town Rural Outlet Juanita's office Price of a Sneakers (Dollars per sneakers) 112 103 73 Discounted price Original price Ciana earns an hourly wage of $58 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 $58 in lost income. Assume that Ciana'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 Ciana incurs no additional costs other than the sneakers, such as gas. Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location. Opportunity Cost of Time (Dollars) Price of a Sneakers (Dollars per sneakers) 112 Total Cost (Dollars) 103 73 Assume that Ciana considers both her opportunity costs and the price of sneakers when making her shopping decision. Ciana will minimize her cost of buying the sneakers if she shops at the
Suppose that Ciana is deciding whether or not to buy a pair of sneakers that she has been researching online, and also the best place to make her purchase. Three different stores in the area sell the sneakers she likes, but some stores are more convenient for Ciana to reach than others. One option is her local shoe store located only 15 minutes away from where she works, where they charge a marked-up price of $112 for the sneakers: Store Local Shoe Store Different Neighborhood in Town Rural Outlet Travel Time Each Way (Minutes) 15 30 60 Marked-up price Store Local Shoe Store Different Neighborhood in Town Rural Outlet Juanita's office Price of a Sneakers (Dollars per sneakers) 112 103 73 Discounted price Original price Ciana earns an hourly wage of $58 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 $58 in lost income. Assume that Ciana'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 Ciana incurs no additional costs other than the sneakers, such as gas. Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location. Opportunity Cost of Time (Dollars) Price of a Sneakers (Dollars per sneakers) 112 Total Cost (Dollars) 103 73 Assume that Ciana considers both her opportunity costs and the price of sneakers when making her shopping decision. Ciana will minimize her cost of buying the sneakers if she shops at the
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Need help answering this question
![Suppose that Ciana is deciding whether or not to buy a pair
of sneakers that she has been researching online, and also
the best place to make her purchase. Three different stores
in the area sell the sneakers she likes, but some stores are
more convenient for Ciana to reach than others. One option
is her local shoe store located only 15 minutes away from
where she works, where they charge a marked-up price of
$112 for the sneakers:
Store
Local Shoe Store
Different Neighborhood in Town
Rural Outlet
Travel Time Each Way
(Minutes)
15
30
60
Store
Local Shoe Store
Marked-up
price
Different Neighborhood in Town
Rural Outlet
Juanita's office
Price of a Sneakers
(Dollars per sneakers)
112
103
73
Discounted
price
Ciana earns an hourly wage of $58 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 $58 in lost income. Assume that Ciana'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 Ciana incurs no additional costs other than the sneakers, such as
gas.
Original price
Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location.
Opportunity Cost of Time
(Dollars)
Price of a Sneakers
(Dollars per sneakers)
112
Total Cost
(Dollars)
103
73
Assume that Ciana considers both her opportunity costs and the price of sneakers when making her shopping decision. Ciana will minimize her cost of
buying the sneakers if she shops at the
Grade It Now
Save & Continue](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87613b23-c979-440a-bf9a-16928bddc726%2Fa85a503f-4b81-43e9-9d91-3f39c1116d14%2Fx9ebg9k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that Ciana is deciding whether or not to buy a pair
of sneakers that she has been researching online, and also
the best place to make her purchase. Three different stores
in the area sell the sneakers she likes, but some stores are
more convenient for Ciana to reach than others. One option
is her local shoe store located only 15 minutes away from
where she works, where they charge a marked-up price of
$112 for the sneakers:
Store
Local Shoe Store
Different Neighborhood in Town
Rural Outlet
Travel Time Each Way
(Minutes)
15
30
60
Store
Local Shoe Store
Marked-up
price
Different Neighborhood in Town
Rural Outlet
Juanita's office
Price of a Sneakers
(Dollars per sneakers)
112
103
73
Discounted
price
Ciana earns an hourly wage of $58 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 $58 in lost income. Assume that Ciana'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 Ciana incurs no additional costs other than the sneakers, such as
gas.
Original price
Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location.
Opportunity Cost of Time
(Dollars)
Price of a Sneakers
(Dollars per sneakers)
112
Total Cost
(Dollars)
103
73
Assume that Ciana considers both her opportunity costs and the price of sneakers when making her shopping decision. Ciana will minimize her cost of
buying the sneakers if she shops at the
Grade It Now
Save & Continue
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education