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.
Definitions:
Pole Position
The leading starting position in a race, typically located on the inside of the track's first turn.
Contractions
Contractions are shortened forms of words or phrases, created by omitting certain letters and sounds, typically in informal language (e.g., "can't" for "cannot").
Salutations
Formal or informal expressions of greeting or acknowledgment used in communication, especially at the beginning of letters or emails.
Response Time
The interval between a query or request and the receipt of the answer or reaction.
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