Why should you try to visit another city

Reference no: EM13201787

You are looking for a new apartment. There are two types of apartments in the city: Good (20%) of the apartments) and bad (80% of the apartments). You could live in either of them, but you would prefer a good apartment. More specifically, a good apartment is worth 600$ to you while a bad one is worth 500$ (the rent is 500$ for both, so you get a bonus of 100$ if you land a good one). Each time you visit an apartment you have to pay a fee of 20$ (subway, work time lost, etc.).

The first apartment you visit is a bad one. Given the above information. a) Should you try to visit another one? If so, how many times should you try?

Reference no: EM13201787

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