Question

travel time each way price of fitness tracker store (in minutes) (in dollars) local store 15 320 different neighborhood in town 30 294 rural outlet 60 172 hubert earns $84 an hour at his job. to buy the fitness tracker, he will need to take time off work, meaning each hour he spends away from his job costs him $84 in lost wages. for every store that he considers, the round - trip travel time is evenly split between getting there and returning. once he arrives at the store, he expects to spend about 30 minutes completing his purchase. for simplicity, assume hubert doesnt face any additional expenses, like gas or parking, beyond the price of the fitness tracker. complete the following table by computing the opportunity cost of huberts time and the total cost of shopping at each location. opportunity cost of time price of fitness tracker total cost store (in dollars) (in dollars) (in dollars) local store 320 different neighborhood in town 294 rural outlet 172

Explanation:

Step1: Calculate Opportunity Cost for Local Store

First, find total time spent: travel time (152 = 30 minutes) + purchase time (30 minutes) = 60 minutes = 1 hour. Opportunity cost = 1 84 = $84.

Step2: Calculate Total Cost for Local Store

Total cost = opportunity cost + price = 84 + 320 = $404.

Step3: Calculate Opportunity Cost for Different Neighborhood

Total time: 302 + 30 = 90 minutes = 1.5 hours. Opportunity cost = 1.5 84 = $126.

Step4: Calculate Total Cost for Different Neighborhood

Total cost = 126 + 294 = $420.

Step5: Calculate Opportunity Cost for Rural Outlet

Total time: 602 + 30 = 150 minutes = 2.5 hours. Opportunity cost = 2.5 84 = $210.

Step6: Calculate Total Cost for Rural Outlet

Total cost = 210 + 172 = $382.

Answer:

Store	Opportunity Cost of Time (In dollars)	Price of Fitness tracker (In dollars)	Total Cost (In dollars)
Different Neighborhood in Town	126	294	420
Rural Outlet	210	172	382