Chrysler Repair: 02 sensor, jeep grand cherokee, cherokee ltd

Question
HI:  I recently took my 1996 Jeep Grand Cherokee, Ltd. to the local DEQ emissions testing facility.  It failed because the check engine light was on and the problem code it pulled up was P0133 (02 Sensor Circuit Slow Response).  Is this usuall just a matter of replacing the 02 sensor, or a symptom of other problems, etc.  
    I do most of the repairs/maintenence on my cars that are older than the mid-70's, but I must admit that some of the technology has left me behind.   Is this a part that I could replace myself without any elaborate test equipment? I'll be honest with you, I don't even know where the o2 sensor is located on the vehicle.  It's my understanding that the part lists for around $85.00.  A shop that I called estimated around $260.00 just to replace the sensor, reset the codes and test other things, etc.  
  Any help or suggestions would be greatly appreciated.

Thanks,

Dennis

Answer
hello dennis
your 02 senser is in the cross over pipe it is easy to change . if you have a advance or auto zone in your area it proulbly would not be any more than 30 to 50 dollors and install and to reset just remove the pos. cable for one min and hook it back up and it should be reset pete