Travel Time Each WayPrice of a DressStore(Minutes)(Dollars per dress)Local Department Store15100Across Town3086Neighboring City6063Juanita makes $56 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $56 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.Price of a DressTotal CostOpportunity Cost of Time(Dollars)(Dollars per dress)(Dollars)Store100Local Department Store86Across Town63Neighboring City10:57 PM36 F Clear2/27/2022

The opportunity cost is the next best-forgone alternative. It is the loss of the cost of an activity…

Travel Time Each Way Price of a Dress Store (Minutes) (Dollars per dress) Local Department Store 15 100 Across Town 30 86 Neighboring City 60 63 uanita makes $56 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $56 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 he 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. Price of a Dress Total Cost Opportunity Cost of Time (Dollars) (Dollars per dress) (Dollars) Store 100 Local Department Store 86 Across Town 63 Neighboring City

Travel Time Each Way Price of a Dress Store (Minutes) (Dollars per dress) Local Department Store 15 100 Across Town 30 86 Neighboring City 60 63 uanita makes $56 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $56 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 he 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. Price of a Dress Total Cost Opportunity Cost of Time (Dollars) (Dollars per dress) (Dollars) Store 100 Local Department Store 86 Across Town 63 Neighboring City

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

Travel Time Each Way
Price of a Dress
Store
(Minutes)
(Dollars per dress)
Local Department Store
15
100
Across Town
30
86
Neighboring City
60
63
Juanita makes $56 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $56 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.
Price of a Dress
Total Cost
Opportunity Cost of Time
(Dollars)
(Dollars per dress)
(Dollars)
Store
100
Local Department Store
86
Across Town
63
Neighboring City
10:57 PM
36 F Clear
2/27/2022

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