Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location. Opportunity Cost of Time (Dollars) Price of a Boots (Dollars per boots) 139 104 Store Local Shoe Store Different Neighborhood in Town Rural Outlet 73 Total Cost (Dollars) Assume that Ciana considers both her opportunity costs and the price of boots when making her shopping decision. Ciana will minimize her cost of buying the boots if she shops at the
Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location. Opportunity Cost of Time (Dollars) Price of a Boots (Dollars per boots) 139 104 Store Local Shoe Store Different Neighborhood in Town Rural Outlet 73 Total Cost (Dollars) Assume that Ciana considers both her opportunity costs and the price of boots when making her shopping decision. Ciana will minimize her cost of buying the boots if she shops at the
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Help me
![EE
?
Suppose that Ciana is deciding whether or not to buy a pair
of boots that she has been researching online, and also the
best place to make her purchase. Three different stores in
the area sell the boots she likes, but some stores are more
convenient for Ciana 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 $139 for
the boots:
Store
Local Shoe Store
Different Neighborhood in Town
Rural Outlet
Travel Time Each Way
(Minutes)
15
30
60
Marked-up
price
Juanita's office
Price of a Boots
(Dollars per boots)
139
104
73
Discounted
price
Original price
Ciana earns an hourly wage of $50 at her job. In order to purchase her boots she will have to take time off work, so each hour away from her job
costs her $50 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes once
store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the boots, such as](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F553488cc-f4e1-45a8-b380-9561c95d2aad%2F9d116fe6-a070-4823-8612-ccb277d6dfea%2Fvqpeyvf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:EE
?
Suppose that Ciana is deciding whether or not to buy a pair
of boots that she has been researching online, and also the
best place to make her purchase. Three different stores in
the area sell the boots she likes, but some stores are more
convenient for Ciana 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 $139 for
the boots:
Store
Local Shoe Store
Different Neighborhood in Town
Rural Outlet
Travel Time Each Way
(Minutes)
15
30
60
Marked-up
price
Juanita's office
Price of a Boots
(Dollars per boots)
139
104
73
Discounted
price
Original price
Ciana earns an hourly wage of $50 at her job. In order to purchase her boots she will have to take time off work, so each hour away from her job
costs her $50 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes once
store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the boots, such as
![Different Neighborhood in Town
Rural Outlet
Store
Local Shoe Store
30
Different Neighborhood in Town
60
Rural Outlet
139
Ciana earns an hourly wage of $50 at her job. In order to purchase her boots she will have to take time off work, so each hour away from her job
costs her $50 in lost income. Assume that Ciana'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 Ciana incurs no additional costs other than the boots, such as
gas.
104
Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location.
Opportunity Cost of Time
(Dollars)
Price of a Boots
(Dollars per boots)
139
Total Cost
(Dollars)
73
104
73
Assume that Ciana considers both her opportunity costs and the price of boots when making her shopping decision. Ciana will minimize her cost of
buying the boots if she shops at the](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F553488cc-f4e1-45a8-b380-9561c95d2aad%2F9d116fe6-a070-4823-8612-ccb277d6dfea%2Fpo2oyz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Different Neighborhood in Town
Rural Outlet
Store
Local Shoe Store
30
Different Neighborhood in Town
60
Rural Outlet
139
Ciana earns an hourly wage of $50 at her job. In order to purchase her boots she will have to take time off work, so each hour away from her job
costs her $50 in lost income. Assume that Ciana'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 Ciana incurs no additional costs other than the boots, such as
gas.
104
Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location.
Opportunity Cost of Time
(Dollars)
Price of a Boots
(Dollars per boots)
139
Total Cost
(Dollars)
73
104
73
Assume that Ciana considers both her opportunity costs and the price of boots when making her shopping decision. Ciana will minimize her cost of
buying the boots if she shops at the
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