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Scenario: Ryan wants to rent an apartment. The following table shows the monthly rent of five apartments and the number of hours per month it takes to commute to work from each apartment. Ryan's
| Apartment | Commuting Time (hours per month) | Rent ($ per month) |
| 1 | 40 | 1,500 |
| 2 | 20 | 1,750 |
| 3 | 10 | 2,000 |
| 4 | 4 | 2,210 |
| 5 | 1 | 2,250 |
Refer to the scenario above. What is the total cost incurred per month if Ryan rents Apartment 5?
& The total cost per month is the lowest if Ryan chooses to rent Apartment ________.
The opportunity cost depicts the value or cost of next best alternative forgone. When one has to choose an opportunity, he has to let go another one, that cost of letting go another opportunity shows the opportunity cost.
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