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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. The total cost per month is the lowest if Ryan chooses to rent Apartment ________.

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Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 38 times

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