Question

Suppose that Juanita 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 Juanita 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: Marked-up price Discounted price Juanita's office Original price Store Travel Time Each Way Price of a Sneakers (Minutes) (Dollars per sneakers) Local Shoe Store 15 112 Different Neighborhood in Town 30 103 Rural Outlet 60 73 Juanita 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 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 sneakers, such as gas. 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 Sneakers Total Cost (Dollars) (Dollars per sneakers) (Dollars) Local Shoe Store 112 Different Neighborhood in Town 103 Rural Outlet 73 Assume that Juanita considers both her opportunity costs and the price of sneakers when making her shopping decision. Juanita will minimize her cost of buying the sneakers if she shops at the

          Suppose that Juanita 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 Juanita 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:
Marked-up
price
Discounted
price
Juanita's office
Original price
Store	Travel Time Each Way	Price of a Sneakers
	(Minutes)	(Dollars per sneakers)
Local Shoe Store	15	112
Different Neighborhood in Town	30	103
Rural Outlet	60	73
Juanita 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 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 sneakers, such
as gas.
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 Sneakers	Total Cost
	(Dollars)	(Dollars per sneakers)	(Dollars)
Local Shoe Store		112	
Different Neighborhood in Town		103	
Rural Outlet		73	
Assume that Juanita considers both her opportunity costs and the price of sneakers when making her shopping decision. Juanita will minimize her cost
of buying the sneakers if she shops at the

Suppose that Juanita 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 Juanita 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:
Marked-up
price
Discounted
price
Juanita's office
Original price
Store Travel Time Each Way Price of a Sneakers
(Minutes) (Dollars per sneakers)
Local Shoe Store 15 112
Different Neighborhood in Town 30 103
Rural Outlet 60 73
Juanita earns an hourly wage of58 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 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 sneakers, such
as gas.
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 Sneakers Total Cost
(Dollars) (Dollars per sneakers) (Dollars)
Local Shoe Store 112
Different Neighborhood in Town 103
Rural Outlet 73
Assume that Juanita considers both her opportunity costs and the price of sneakers when making her shopping decision. Juanita will minimize her cost
of buying the sneakers if she shops at the

Added by Ivan G.

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