Travel Time Each Way Price of a Dress Store (Minutes) (Dollars per dress) Local Department Store 15 112 Across Town 30 89 Neighboring City 60 70 Juanita makes $26 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $26 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 Price of a Dress Total Cost (Dollars) (Dollars per dress) (Dollars) Store 112 Local Department local department store 89 Across Town 70 Neighboring City store across town store in the neighboring city Assume that Juanita price of the dress into consideration when she shops. Juanita will minimize the cost of the dress if she buys it from the

Travel Time Each Way Price of a Dress Store (Minutes) (Dollars per dress) Local Department Store 15 112 Across Town 30 89 Neighboring City 60 70 Juanita makes $26 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $26 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 Price of a Dress Total Cost (Dollars) (Dollars per dress) (Dollars) Store 112 Local Department local department store 89 Across Town 70 Neighboring City store across town store in the neighboring city Assume that Juanita price of the dress into consideration when she shops. Juanita will minimize the cost of the dress if she buys it from the

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section7.1: Demand

Problem 5R

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