Different Neighborhood in Town Rural Outlet Store Local Shoe Store 30 Juanita earns an hourly wage of $42 at her job. In order to purchase her sandals 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 sandals, such a gas. Different Neighborhood in Town 60 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 Sandals (Dollars per sandals) 112 Rural Outlet 98 86 98 86 Total Cost (Dollars) Assume that Juanita considers both her opportunity costs and the price of sandals when making her shopping decision. Juanita will minimize her cost of buying the sandals if she shops at the

Different Neighborhood in Town Rural Outlet Store Local Shoe Store 30 Juanita earns an hourly wage of $42 at her job. In order to purchase her sandals 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 sandals, such a gas. Different Neighborhood in Town 60 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 Sandals (Dollars per sandals) 112 Rural Outlet 98 86 98 86 Total Cost (Dollars) Assume that Juanita considers both her opportunity costs and the price of sandals when making her shopping decision. Juanita will minimize her cost of buying the sandals if she shops at the

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Theory Of Consumer Choice

Section: Chapter Questions

Problem 9PA

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