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f the government lowers income taxes on Americans in the top one percent of earners, while decreasing welfare payments to citizens with incomes below the federal poverty threshold, the most likely result is an increase in efficiency anda decrease in equality in the Unite...
Read MoreSuppose that Juanita is deciding whether or not to buy a pair of sandals that she has been researching online, and also the best place to make her purchase. Three different stores in the area sell the sandals she likes, but some stores are more convenient for Juanita 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 $112 for the sandals:
| Store | Travel Time Each Way | Price of a Sandals |
|---|---|---|
| (Minutes) | (Dollars per sandals) | |
| Local Shoe Store | 15 | 112 |
| Different Neighborhood in Town | 30 | 98 |
| Rural Outlet | 60 | 86 |
Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location.StoreOpportunity Cost of TimePrice of a SandalsTotal Cost(Dollars)(Dollars per sandals)(Dollars)Local Shoe Store42.00112154.00Different Neighborhood in Town63.0098161.00Ru...
Read More$22+$14=$36The opportunity cost of a choice includes both the monetary amount paid and the value of your time given up by making that choice over another. By skipping practice, you forgo earning your hourly wage of $22 per hour, so this is the opportunity cost of your time. You also choose to pay $1...
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