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2. Determining opportunity cost Suppose that Ciana is deciding whether or not to buy a pair of sneakers that she has been researching online, and also the best place to make her purchase. Three different stores in the area sell the sneakers she likes, but some stores are more convenient for Ciana 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 $122 for the sneakers: Clana earns an hourly wage of $26 at her job, In order to purchase her sneakers she will have to take time off work, so each hour away from her job costs her $26 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes once Clana earns an hourly wage of $26 at her job. In order to purchase her sneakers she will have to take time off work, so each hour away from her fob costs her $26 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes once. she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the sneakers, such as 9a5. Complete the following table by computing the opportunity cost of Clana's time and the total cost of shopping at each location. Assume that Ciana considers both her opportunity costs and the price of sneakers when making her shopping decision. Clana will minimize her cost of buying the sneakers if she shops at the . Ciana earns an hourly wage of $26 at her job. In order to purchase her sneakers she will have to take time off work, so costs her $26 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it wi she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs othe gas. Complete the following table by computing the opportunity cost of Clana's time and the total cost of shopping at each local Suppose that Bella is a diligent second-year college student. One Friday, she decides to start the day by working through 250 sample multiple choice. problems to study for her computer science class. She starts work at 7:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she the hours pass, it takes her more time to solve the problems. Use the table to answer the following questions. The marginal, or additional, gain from Bella's second hour spent working, from 8:00 AM to 9:00 AM, is The marginal gain from Bella's fourth hour spent working, from 10:00 AM to 11:00 AM, is problems. The following week, Bella's computer science faculty advisor gives her some advice. In all their years of teaching they claim to observe that working on 37.5 multiple choice questions boosts a student's test score by about the same amount as spending an hour reviewing lecture notes. For simplicity, assume students are able to review lecture notes at a constant pace during each hour spent studying. Giyen this information, in order to use her 4 hours of time spent studying to get the highest possible test score, how many hours should she have spent solving multiple cholce problems, and how many hours should she have spent revlewing lecture notes? 1 hour working on problems, 3 hours reading 2 hours working on problems, 2 hours reading Use the table to answer the following questions. The marginal, or additional, gain from Bella's second hour spent working, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Bella's fourth hour spent working, from 10:00 AM to 11:00 AM, is problems. The following week, Bella's computer science faculty advisor gives her some advice. In all their years of teaching they claim to observe that working on 37,5 multiple choice questions boosts a student's test score by about the same amount as spending an hour reviewing lecture notes. For simplicity, assume students are able to review lecture notes at a constant pace during each hour spent studying. Given this information, in order to use her 4 hours of time spent studying to get the highest possible test score, how many hours should she have spent solving multiple choice problems, and how many hours should she have spent revlewing lecture notes? 1 hour working on problems, 3 hours reading 2 hours working on problems, 2 hours reading 3 hours working on problems, 1 hour reading 4 hours working on problems, 0 hours reading 2. Determining opportunity cost Suppose that Ciana is deciding whether or not to buy a pair of sneakers that she has been researching online, and also the best place to make her purchase. Three different stores in the area sell the sneakers she likes, but some stores are more convenient for Ciana 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 $122 for the sneakers: Clana earns an hourly wage of $26 at her job, In order to purchase her sneakers she will have to take time off work, so each hour away from her job costs her $26 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes once Clana earns an hourly wage of $26 at her job. In order to purchase her sneakers she will have to take time off work, so each hour away from her fob costs her $26 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes once. she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the sneakers, such as 9a5. Complete the following table by computing the opportunity cost of Clana's time and the total cost of shopping at each location. Assume that Ciana considers both her opportunity costs and the price of sneakers when making her shopping decision. Clana will minimize her cost of buying the sneakers if she shops at the . Ciana earns an hourly wage of $26 at her job. In order to purchase her sneakers she will have to take time off work, so costs her $26 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it wi she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs othe gas. Complete the following table by computing the opportunity cost of Clana's time and the total cost of shopping at each local Suppose that Bella is a diligent second-year college student. One Friday, she decides to start the day by working through 250 sample multiple choice. problems to study for her computer science class. She starts work at 7:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she the hours pass, it takes her more time to solve the problems. Use the table to answer the following questions. The marginal, or additional, gain from Bella's second hour spent working, from 8:00 AM to 9:00 AM, is The marginal gain from Bella's fourth hour spent working, from 10:00 AM to 11:00 AM, is problems. The following week, Bella's computer science faculty advisor gives her some advice. In all their years of teaching they claim to observe that working on 37.5 multiple choice questions boosts a student's test score by about the same amount as spending an hour reviewing lecture notes. For simplicity, assume students are able to review lecture notes at a constant pace during each hour spent studying. Giyen this information, in order to use her 4 hours of time spent studying to get the highest possible test score, how many hours should she have spent solving multiple cholce problems, and how many hours should she have spent revlewing lecture notes? 1 hour working on problems, 3 hours reading 2 hours working on problems, 2 hours reading Use the table to answer the following questions. The marginal, or additional, gain from Bella's second hour spent working, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Bella's fourth hour spent working, from 10:00 AM to 11:00 AM, is problems. The following week, Bella's computer science faculty advisor gives her some advice. In all their years of teaching they claim to observe that working on 37,5 multiple choice questions boosts a student's test score by about the same amount as spending an hour reviewing lecture notes. For simplicity, assume students are able to review lecture notes at a constant pace during each hour spent studying. Given this information, in order to use her 4 hours of time spent studying to get the highest possible test score, how many hours should she have spent solving multiple choice problems, and how many hours should she have spent revlewing lecture notes? 1 hour working on problems, 3 hours reading 2 hours working on problems, 2 hours reading 3 hours working on problems, 1 hour reading 4 hours working on problems, 0 hours reading
