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Assume that an individual with an opportunity cost of time of $20 per hour has to choose between ...

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Assume that an individual with an opportunity cost of time of $20 per hour has to choose between ...

Assume that an individual with an opportunity cost of time of $20 per hour has to choose between renting four apartments. The rents of the four apartments and the individual's monthly commuting time to work are shown in the following table. Calculate the direct cost, indirect cost, and total cost, that the individual will incur if she rents any of these apartments. Also, determine the apartment that is optimum for the individual. Graph the total cost involved for the various choices.

Apartment    Monthly Commuting Time (hours)   Rent ($)
1   60   2,800
2   90   2,200
3   120   1,500
4   150   1,400

Textbook

Microeconomics

Edition: 1^st

Authors: Acemoglu, Laibson, List

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whipped Author

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7 years ago

Thanks for your help!!

elizabetheldrid

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Thank you, thank you, thank you!

Smair87

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Correct

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