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Bu 224 Essay

1056 words - 5 pages

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BU224 Unit 1 Assignment Template:
Name: -Tracey-Anne Balli
Course Number: -BU 224
Section Number: -1203-0217-01
Unit Number: -1
Date: -December 8th, 2014

---------------------------------- General Instructions for all Assignments-----------------------------------
1. Unless specified differently by your course instructor, save this assignment template to your computer with the following file naming format:
Course number_section number_LAST_FIRST_ unit number

2. At the top of the template, insert the appropriate information: Your Name, Course Number, Section Number and Date

3. Insert your answers below, or in the ...view middle of the document...

The price at the college bookstore is $65. One online site offers it for $55 and another site, for $57. All prices include sales tax. The accompanying table indicates the typical shipping and handling charges for the textbook ordered online.

Shipping method | Delivery time | Charge |
Standard shipping | 3–7 days | $3.99 |
Second-day air | 2 business days | $8.98 |
Next-day air | 1 business day | $13.98 |

a. What is the opportunity cost of buying online instead of at the bookstore? Note that if you buy the book online, you must wait to get it.

Answer: The total opportunity cost of purchasing the book online is what will be given up to get it, your time. When calculating the cost of buying online we will have to use the total amount of shipping along with the amount of time you waited for the book less the savings received by purchasing online as oppose to the bookstore.

b. Show the relevant choices for this student. What determines which of these options the student will choose?
Answer:
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Liza’s choices:
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Purchase from book store $65
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Purchase from site # 1 - $55 w/ 1day delivery $68.98
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Purchase from site # 1 $55 w/ 2 day delivery $63.98
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Purchase from site # 1 $55 w/ 3 -7 day delivery $58.99
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Purchase from site # 2 $57 w/ 1day delivery $70.98
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Purchase from site # 2 $57 w/ 2 day delivery $65.98
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Purchase from site # 2 $57 w/ 3-7 day delivery $60.99

Both monetary and opportunity cost will determine what option Liza chooses. Based on the data, she will not choose the second site due to it costing more than the first site with all delivery options. It is not very clear whether or not she will choose the first site over the bookstore. The 1 day shipping with first site costs more than the bookstore but, the 2 and 3-7 business day’s delivery option is cheaper than the bookstore. A lot is dependent here on her opportunity cost of time. The probability of her purchasing from the book store and having no wait time will be greater, the more it cost her to wait.

2. In August 2007, a sharp downturn in the U.S. housing market reduced the income of many who worked in the home construction industry. A Wall Street Journal news article reported that Wal-Mart’s wire-transfer business was likely to suffer because many...

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