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  3. sam earns an hourly wage of \( \$ 56 \) at his job

Sam earns an hourly wage of \( \$ 56 \) at his job. In order...

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Economics

Sam earns an hourly wage of \( \$ 56 \) at his job. In order topurchase his sandals he will have to take time off work, so eachhour away from his job costs his \( \$ 56 \) in lost income. Assumethat Sam's travel time is the same each way (to and from the store)and that it will take his 30 minutes once he reaches a store tocomplete his shopping. Assume throughout the question that Samincurs no additional costs other than the sandals, such as gas.Complete the following table by computing the opportunity cost ofSam's time and the total cost of shopping at eachlocation.Opportunity Cost of Time (In dollars)Price of Sandals (Indollars)Total Cost (In dollars) Assume that Sam considers both hisopportunity costs and the price of sandals when making his shoppingdecision. Sam will minimize his cost of buying the sandals if heshops at the .

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