Juanita makes $30 an hour at work. She has to take time off work to purchase...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Juanita makes $30 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $30 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 Opportunity Cost of Time Price of a Suit Total Cost Store (Dollars) (Dollars per suit) (Dollars) Local Department Store 114 86 Across Town I 60 Neighboring City 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 it from the Juanita makes $30 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $30 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 Opportunity Cost of Time Price of a Suit Total Cost Store (Dollars) (Dollars per suit) (Dollars) Local Department Store 114 86 Across Town I 60 Neighboring City 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 it from the
Expert Answer:
Answer rating: 100% (QA)
local department store The opportunity cost of time 15min15m... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
Students also viewed these economics questions
-
Juanita makes $30 an hour at work . She has to take time off work to purchase her suit, so each hour away from work costs her $30 in lost income. Assume that returning to work takes Juanita the same...
-
Complete the following table by computing the missing amounts (?) for the following independent cases. Principal Amount on Note Receivable a. $100,000 b. $50,000 Annual Interest Rate Time Period 6...
-
If Nicaragua can produce with the same amount of resources twice as much coffee as Colombia, explain how Colombia could have a comparative advantage in producing coffee?
-
1. Create your Dream Board (all the things you want to buy or establish in the future). Specify the amount of each item. 2. Search the salary of your prospective careers 5 years from now. 3. With the...
-
You purchase a 6 percent $10,000 bond for $9,180 plus $156 in accrued interest for a total outlay of $9,336. Subsequently you receive a $300 interest payment. You are in the 20 percent income tax...
-
What are the primary organizational benefits that can be gained through a successful knowledge management program? How might you justify investment in a knowledge management project?
-
Panther Racing, LLC, is involved in competitive racing, including the development, maintenance, and operation of a racing team in the IndyCar series. Beginning in 2008, the National Guard annually...
-
Allison Corporation acquired 90 percent of Bretton on January 1, 2016. Of Bretton's total acquisition- date fair value, $60,000 was allocated to undervalued equipment (with a 10-year remaining life)...
-
5. Let v = [1,0], w = [1,1]. Find the projector P that projects R onto (v) along (u). What are range(P) and null(P)?
-
Lopez and Gomez are members in an LLC that reports net income of $130,000. An agreement states that Lopez receives a $20,000 salary allowance and Gomez receives a $50,000 salary allowance. Any...
-
Noncurrent operating assets like property plant and equipment represent some of the largest assets on a companys balance sheet They also represent large expense deductions in the form of depreciation...
-
A hydraulic press has an input cylinder 2 inch in diameter and an output cylinder 5 inches in diameter. a. Assuming 100% efficiency, find the force exerted on the input piston when a force of 25...
-
7. Using C++ code, write a program to read an integer B from the keyboard and compute (and print to the screen) the (total) area of grassland needed by B bison, where each bison needs 81 m of...
-
Let us take the house market as another example. Let us assume that your decision to sell your home may have resulted in an outcome that is in your favor. In applying game theory to the decision in...
-
Due to the strain that is put on the countries that [of] taking in refugees, this increases the tensions of the people increasing the risk of discrimination and violence. The repetition of the word...
-
32 - Marginal Social Cost Marginal Revenue Marginal Private Cost Demand Marginal Social Benefit QUANTITY OF GOOD X Question 1: The production of good X creates an externality. The following questions...
-
Joey bought five bags for a total discounted package price of 1,000 from his friend Liza, payable in 3 months. Which of the items below describes it as a form of an indivisible obligation? a. Joey...
-
Continuation of Exercise 4-83. (a) What is the probability that the first major crack occurs between 12 and 15 miles of the start of inspection? (b) What is the probability that there are no major...
-
Utease Corporation has many production plants across the midwestern United States. A newly opened plant, the Bellingham plant, produces and sells one product. The plant is treated, for responsibility...
-
Monster Toys is considering a new toy monster called Garga. Annual sales of Garga are estimated at 100,000 units at a price of $8 per unit. Variable manufacturing costs are estimated at $3 per unit,...
-
Assume that you have recently obtained your scuba instructors certification and have decided to start a scuba diving school. a. Describe the advantages and disadvantages of organizing your scuba...
-
Why does spreading feet apart help a surfer stay on the board?
-
If you stood atop a super-tall ladder three times as far from Earths center as at Earths surface, how would your weight compare with it present value?
-
How was Pioneer 10 able to escape the solar system with an initial speed less than escape speed?
Study smarter with the SolutionInn App