Answer to Question #227160 in Economics for Lele

Question

Research indicates that without Google it would take you about 22 minutes at the library to get an answer to your question. With Google it take your 7 minutes at home to fine the answer to your question. Given your current hourly wage how much in dollars would access to Google be worth to you for one question

Answer 1

The hourly rate is $15.

Cost1 = hourly rate x time = $15 x 22/60 = $5.5

Cost2 = hourly rate x time = $15 x 7/60 = $1.75

Access to Google for one question is worth from $1.75 to $5.5.