Question: Howard needs to buy a laptop computer to start online university courses. The price at the local computer store is $650. The identical computer is

Howard needs to buy a laptop computer to start online university courses. The price at the local computer store is $650. The identical computer is available at one online site for $605 and another site, for $622. All prices include the appropriate sales tax. The accompanying table indicates the typical shipping and handling charges for the computer ordered online.

A. Define "opportunity cost" in economic terms.
B. In this situation, what are the opportunity costs of Howard choosing to buy online instead of at the local computer store? Note that if you buy the computer online, you must wait to get it.
C. Show all of the relevant choices for Howard.
D. What determines which of these choices Howard will choose?

Delivery time Shipping method Charge Standard shipping 37 days $13.99 Second-day air 2 business days $18.98 1 business day $23.98 Next-day air

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