ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337408059
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 6, Problem 9P
To determine
How to choose different units of goods when we pay an entry fee but need not pay for the individual consumption of goods.
Concept Introduction: Not required
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Students have asked these similar questions
Price (dollars per CD-R)
6.
Do
Quantity (CD-Rs per week)
Write an example of your choice that would fit to the figure above.
(c) What happens if price changes?
(d) What else do you think will happen?
(e) What happens if other determinants change?
Store
Travel Time Each Way (minutes)
Price of a Skirt
(Dollars per skirt)
Local Department Store
15
103
Across Town
30
87
Neighboring City
60
64
Juanita makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 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.
Store
Opportunity Cost of Time
Price of a Skirt
Total Cost
(Dollars)
(Dollars per skirt)
(Dollars)
Local Department Store
103
Across Town
87
Neighboring City
64
Chapter 6 Solutions
ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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Similar questions
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- 2.Answer the question.arrow_forwardStore Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 102 Across Town 30 88 Neighboring City 60 65 Juanita makes $42 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $42 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. Store Opportunity Cost of Time Price of a Suit Total Cost (Dollars) (Dollars per suit) (Dollars) Local Department Store 102 Across Town 88 Neighboring City 65arrow_forward1.What is the message that P&G wants to send to its customers? 2. According to your opinion, what does the benefit P&G gain when they implemented theThank you Mom campaign’? 3. What kind of emotions does this video evoke in you? Explain what you felt and why. (there are no wrong answers here, just you thinking )arrow_forward
- Please do this problem in excel( including calculations)arrow_forwarde Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 102 Across Town 30 88 Neighboring City 60 65 Juanita makes $42 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $42 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. Store Opportunity Cost of Time Price of a Suit Total Cost (Dollars) (Dollars per suit) (Dollars) Local Department Store 102 Across Town 88 Neighboring City 65arrow_forwardIn which of the service system does the customer affect the time of demand a. Low degree of customer contact b. High quality c. High degree of customer contact d. High delivery reliabilityarrow_forward
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