Assume That an Individual with an Opportunity Cost of Time

question 30

Essay

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.

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Definitions:

Method Headings

The part of a method declaration in programming that specifies the method's name, return type, and parameters, but not the body.

Public

An access modifier in programming languages that allows members (variables, methods, classes) to be accessible from any other code in the application or any external class.

Private

An access modifier in object-oriented programming that restricts access to variables and methods to the class in which they are declared.

Interface

An interface in programming is a contract or a blueprint that classes can implement; it specifies a set of methods that the implementing class must provide.