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Scenario: A firm wants to set up a factory. It has four different options. The rent of the factory ...

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Scenario: A firm wants to set up a factory. It has four different options. The rent of the factory ...

Scenario: A firm wants to set up a factory. It has four different options. The rent of the factory in each of the four different locations and the time taken to transport the product from each location to the market is shown in the table below. The opportunity cost of time is $10 per hour.

Factory Location	Monthly Commuting Time (hours)	Monthly Rent ($)
Very Far	30	2,060
Far	25	2,100
Close	15	2,300
Very Close	5	2,500

Refer to the scenario above. For which of the following choices is the marginal total cost the lowest?

▸ Choosing factory Very Close over factory Close

▸ Choosing factory Close over factory Far

▸ Choosing factory Far over factory Very Far

▸ Choosing factory Close over factory Very Far

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 52 times

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