Suppose apartments are in four locations: Location A, Location B, Location C, and Location D. Location A is in the city, where your job is. Location B is 10 minutes farther from your job than Location A. Location C is 10 minutes farther from your job than Location B, and Location D is 10 minutes farther than Location C. In turn, similar apartments in Location B rent for $195 less per month than apartments in Location A, apartments in Location C rent for $195 less than in Location B, and apartments in Location D rent for $195 less than in Location C. Suppose the value of your time is $22 per hour and you work 21 days per month, with each day requiring a round-trip commute from your apartment to work. For simplicity, assume rent and the opportunity cost of your time commuting to work are the only factors influencing the location in which to rent an apartment. You should rent an apartment in Location D. Suppose you currently rent an apartment in Location C. By moving to optimize, you change your net benefit by $ (Enter your response as an integer.)

Suppose apartments are in four locations: Location A, Location B, Location C, and Location D. Location A is in the city, where your job is. Location B is 10 minutes farther from your job than Location A. Location C is 10 minutes farther from your job than Location B, and Location D is 10 minutes farther than Location C. In turn, similar apartments in Location B rent for $195 less per month than apartments in Location A, apartments in Location C rent for $195 less than in Location B, and apartments in Location D rent for $195 less than in Location C. Suppose the value of your time is $22 per hour and you work 21 days per month, with each day requiring a round-trip commute from your apartment to work. For simplicity, assume rent and the opportunity cost of your time commuting to work are the only factors influencing the location in which to rent an apartment. You should rent an apartment in Location D. Suppose you currently rent an apartment in Location C. By moving to optimize, you change your net benefit by $ (Enter your response as an integer.)

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 17AA

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