3. Your local coffee shop used to be the best in the neighborhood;

however, due to a recent change in ownership, the quality of the service and products offered has been steadily decreasing. Nevertheless, you have some fond memories of the place and it is also quite conveniently located—on the way to the train station that you use to get to work.

a. What is the opportunity cost of searching for a new coffee shop?

b. You have found a new coffee shop, but to get there you have to take a longer route to the train station.

How would you determine, every morning, which coffee shop to visit? The old one or the new one?