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whipped whipped
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7 years ago
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
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Microeconomics

Microeconomics


Edition: 1st
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SudzburySudzbury
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7 years ago
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whipped Author
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7 years ago
Thanks for your help!!
avance37
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Yesterday
Helped a lot
homework1
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2 hours ago
this is exactly what I needed
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