Basic HTML Version
Q
uantitative
R
easoning &
P
roblem
S
olving
176
© 2014 Pacific Crest
Cost of the common area = common area times cost per square foot
cost/month = 1090 ft
2
× 0.3779 dollars per ft
2
=
$411.92
cost/month per student for the common area = $411.92 divided by 3 =
$137.31
Monthly cost per room
The t
wo persons sharing the larger bedroom each pay the following amount each month:
$137.31 (common area) + $68.02 (share of the large bedroom) = $205.33
The person with the small bedroom pays the following amount each month:
$137.
31 (common area) + $102.03 (small bedroom) + $50.00 (private room) =
$289.34
All three students choose the single room. A random drawing is held and a name is drawn. This person
takes the small bedroom leaving the two other students to share the larger bedroom.
Validation
:
Does the sum of the rents equal $700? $205.33 + $205.33 + $289.34 = $700
(
yes, the sum of the individual rents are validated
)
Are the rents equitable? The person with the small bedroom feels that the private room is not worth the
extra cost of nearly $100 per month. All three feel that they would have lowered the premium if they
had considered that the person in the private room would be paying a premium for privacy
and
for the
additional cost for more space. However, since both students in the large bedroom would gladly pay the
extra money for the private room, the person in the small bedroom decides not to give up the room even
under the current cost arrangements. All agree to keep things as they are.
Were the assumptions valid? All three students agree that the assumptions were valid. However, they
were surprised at how long the process took.
Generalization
:
All three students realize that they could generalize this method for any number of students and any
number of rooms. After subtracting the monthly “privacy premiums” from the rent, the cost per area can
be figured. Then the cost per bedroom and the cost for the common area can be calculated. The cost of
the common area is evenly divided by the number of tenants (unless agreed upon otherwise). The cost
of each bedroom is evenly divided by the number of roommates.
Communication
:
The students share the generalized solution and its effectiveness with their friends.
P
roblem
A problem to be solved
Scenario:
You are planning a vacation trip to the Caribbean on a budget of $3000. You have
narrowed the trip selection to two options: (1) an eastern Caribbean 7-day cruise or
(2) a stay on the island of Antigua for a week (you want to scuba dive for at least 5
days). Both options are exciting. However, you want to take the trip that is within
your budget and which will allow you the most discretionary spending money for
fun and shopping. Which trip would you select?