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Scenario: Ryan wants to rent an apartment. The following table shows the monthly rent of five ...

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Scenario: Ryan wants to rent an apartment. The following table shows the monthly rent of five ...

Scenario: Ryan wants to rent an apartment. The following table shows the monthly rent of five apartments and the number of hours per month it takes to commute to work from each apartment. Ryan's opportunity cost of time is $15 per hour.

Apartment	Commuting Time (hours per month)	Rent ($ per month)
1	40	1,500
2	20	1,750
3	10	2,000
4	4	2,210
5	1	2,250

Refer to the scenario above. What is the total cost incurred per month if Ryan rents Apartment 3?

▸ $2,000

▸ $2,270

▸ $2,150

▸ $2,050

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 42 times

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