Answer to Question #233386 in Macroeconomics for Debby

Question

1. Let’s say you are deciding on whether to move closer to a job or not, which you currently spend an hour driving to get to (takes two hours to cover both ways). Your current rent is $1300 and you will pay similar utility bills in both places. If your new place of residence cuts your driving by an hour (both ways), up to how much you will consider paying for rent a month if you value your idle hour spent driving at $20, and we only have 20 working days in a month and only consider time saved up as your only cost. What is the maximum amount of monthly rent you would be willing to pay at your new place?

Answer 1

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