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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. If the opportunity cost of time increases to $60 per hour, renting which apartment will minimize Ryan's total cost every month?

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Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 35 times

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Kss612 Author

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this is exactly what I needed

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Thanks for your help!!

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