Juanita makes $56 an hour at work. She has to take time off work to purchase her suit

Store	Travel Time Each Way (Minutes)	Price of a Suit (Dollars per suit)
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 suit, 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.

Store	Opportunity Cost of Time (Dollars)	Price of a Suit (Dollars per suit)	Total Cost (Dollars)
Local Department Store		100
Across Town		86
Neighboring City		63

Assume that Juanita takes opportunity costs and the price of the suit into consideration when she shops. Juanita will minimize the cost of the suit if she buys from the _______.

Expert Solution

Rahul Sunny answered 3 years ago

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