If the opportunity cost of time is ________, and an individual spends ________ commuting every month, his opportunity cost of commute is $100 every month
A) $5 per hour; 10 hours
B) $8 per hour; 20 hours
C) 10 per hour; 10 hours
D) $12 per hour; 5 hours
C
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The theory of consumer behavior is based on certain assumptions. The set of four basic assumptions includes:
A) completeness. B) transitivity. C) intransitivity. D) Both A and B are correct. E) Both A and C are correct.
Diane's Auto World installs tires on automobiles, light trucks, and sport utility vehicles. She is a profit-maximizing business owner whose firm operates in a competitive market. The marginal cost of installing a tire is $20 . The marginal productivity of the last worker that Diane hired was 2 tires per hour. What is the maximum hourly wage that Diane was willing to pay the last worker hired?
a. $10 b. $20 c. $40 d. There is insufficient information to answer this question.