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Ryan wants to rent an apartment. The following table shows

Question : Ryan wants to rent an apartment. The following table shows : 4717

Ryan wants to rent an apartment. The following table shows the monthly rent of five apartments and the monthly commuting time to work from each apartment. Ryan's opportunity cost of time is $15 per hour.

Refer to the table above. What is the total cost incurred per month if Ryan rents Apartment 5?

Apartment

Commuting Time (hours/month)

Rent ($/month)

1

40

1,500

2

20

1,750

3

10

2,000

4

4

2,210

5

1

2,250

 

Solution
5 (1 Ratings )

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Economics 3 Years Ago 304 Views
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