Define the goods as the items purchased and brought home

Reference no: EM131345809

In the twentieth century, department stores and supermarkets largely replaced smaller specialty stores, as consumers found it more efficient to go to one store rather than many stores. Consumers incur a transaction or search cost to shop, primarily the opportunity cost of their time. This transaction cost consists of a fixed cost of traveling to and from the store and a variable cost that rises with the number of different types of items the consumer tries to find on the shelves. By going to a supermarket that carries meat, fruits and vegetables, and other items, consumers can avoid some of the fixed transaction costs of traveling to a separate butcher shop, produce mart, and so forth. Use math or figures to explain why a shopper's average costs are lower when buying at a single supermarket than from many stores. (Hint: Define the goods as the items purchased and brought home.)

Reference no: EM131345809

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