Back to Assignment Attempts I I Keep the Highest; 2 3. Determining opportunity cost 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 $114 for the boots: Travel Time Each way Price Of a Boots Store (Minutes) (Dollars per boots) Local Shoe Store 15 114 Different Neighborhood in Town 30 101 Rural Outlet 60 90 Ciana earns an hourly wage of $36 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 $36 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. 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 Price of a Boots Total Cost Store (Dollars) (Dollars per boots) (Dollars) Local Shoe Store 36.00 114 150.00 Different Neighborhood in Town 101 Rural Outlet 90Complete 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 Price of a Boots Total Cost Store (Dollars) ( Dollars per boots) (Dollars) Local Shoe Store 114 Different Neighborhood in Town :] 101 |:| Rural Outlet C] 90 |:| Assume that Ciana considers both her opportunity costs and the price of boots when making her shopping decision. Ciana wiH minimize her cost of buying the boots if she shops at the V