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icky Torres and Juanita Alva were the first in line at Best Buy during a Black Friday sale so that they could secure a large
icky Torres and Juanita Alva were the first in line at Best Buy during a Black Friday sale so that they could secure a largescreen TV which was normally $ and was advertised on sale at $ Because they arrived three weeks early, they ended up waiting in line for a total of hours! The authors of your textbook found their choice puzzling because of the high opportunity cost in this scenario. The authors say: Saving $ by spending hours makes Vicky and Juanitas time worth cents an hour. They could have spent hours working an extra job at $ an hour and each earned enough money to purchase the TV at full priceand still had hours to do other things. In short, they dont seem to have been aware of the opportunity cost of waiting in line. But this is not the only conclusion one can draw from Vicky and Juanitas behavior. Select the conclusion that would be consistent with the idea that Vicky and Juanita were aware of the opportunity costs yet still found the threeweekwait to be worthwhile. If they are able to camp out for three weeks, they probably do not have fulltime jobs, so earning cents an hour is a good decision for the shoppers. However they might have enjoyed the experience of camping out in line, meeting other customers, and gaining a degree of fame for their commitment to getting a good deal. Vicky and Juanita really enjoy their high paying jobs and dont like camping at all.
icky Torres and Juanita Alva were the first in line at Best Buy during a Black Friday sale so that they could secure a largescreen TV which was normally $ and was advertised on sale at $ Because they arrived three weeks early, they ended up waiting in line for a total of hours! The authors of your textbook found their choice puzzling because of the high opportunity cost in this scenario. The authors say:
Saving $ by spending hours makes Vicky and Juanitas time worth cents an hour. They could have spent hours working an extra job at $ an hour and each earned enough money to purchase the TV at full priceand still had hours to do other things. In short, they dont seem to have been aware of the opportunity cost of waiting in line.
But this is not the only conclusion one can draw from Vicky and Juanitas behavior. Select the conclusion that would be consistent with the idea that Vicky and Juanita were aware of the opportunity costs yet still found the threeweekwait to be worthwhile.
If they are able to camp out for three weeks, they probably do not have fulltime jobs, so earning cents an hour is a good decision for the shoppers.
However they might have enjoyed the experience of camping out in line, meeting other customers, and gaining a degree of fame for their commitment to getting a good deal.
Vicky and Juanita really enjoy their high paying jobs and dont like camping at all.
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