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Jenny is deciding whether to buy a dress that she wants as well as where to buy it. local department shop located 15 min away from where she works, and pay $120 for the dress. Or she can go to a shop across town, located 30 min away, and pay $90. or she can go to out of town to a neighboring city, located a 1 hour away, and pay $85.

Janny makes $10 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $10 in lost income. Assume that returing to work takes Megan the same amount of time as getting to a shop and that it takes her 30 minutes to shop.

problem 1: The opportunity cost of her time if she chooses to buy the dress in the local department store is ?
problem 2: considering her opportunity cost and the prices of the dress that she exploits opportunities to minimize the cost of her dress. She will buy her dress it from where?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M964100

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