Help me please with economics tasks
Kevin is a student who has just joined the Economics and Business Economics programme of the UvA. In the evening, he takes music lessons. Kevin has to decide on an apartment to rent. The apartment should be at a suitable distance from two places: his university, and from his music classes. The commuting time from apartments in four different locations to both destinations are shown in the table below. Apartment Commuting Time Commuting Time Rent (1% per to University to Music Classes month) Ihours per month] hours per month) 2 16 24 2200 4 45 35 1800 Given that Kevin's opportunity cost of time is 10 per hour, find his optimum choice. 01 02 03 O4 Pay or delay Figure 1: Uber waiting times and Uber trips completion rates in peak hours. System not working System working New Year's Eve, New York City, Dec 31st 2014 Ariana Grande concert, Madison Square Garden, Mar 21st 2015 Average wait time Completion rate Average wait time Completion rate Note: The graph shows two peak hour Minutes % Minutes % periods, one where surge pricing was 10 100 10 100 operational (right), and one where it 8 80 8 80 was not (left). The completion rate is 6 60 6 60 the fraction of completed requests for SURGE-PRICING BREAKDOWN an Uber taxi at a given time. The blue 40 L 40 line is the average waiting time for a taxi N 20 2 20 SURGE after requesting it. 0 22:00 00:00 02:00 04:00 20:00 22:00 00:00 02:00 Sources: "The Effects of Uber's Surge Pricing: A Case Study", Hall et al, (2015) Economist.com Figure 1 is an example of: O an experiment O a correlation O a natural experiment OK O a causal effectProt for the Uber company is given by 1'1 = t0 - 10, where Q = 6t2 61' + 22 is the equilibrium quantity. What is the optimal commission percentage 1'? Round your answer to a percentage. 0 25% O 50% O 78% O 82%