e Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 102 Across Town 30 88 Neighboring City 60 65 Juanita makes $42 an hour at work. She has to take time off...


































e


Travel Time Each Way


Price of a Suit


(Minutes)


(Dollars per suit)

Local Department Store15102
Across Town3088
Neighboring City6065



Juanita makes $42 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $42 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.




































Store


Opportunity Cost of Time


Price of a Suit


Total Cost


(Dollars)


(Dollars per suit)


(Dollars)

Local Department Store

102

Across Town

88

Neighboring City

65






Jun 06, 2022
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