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whipped whipped
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7 years ago
What is meant by comparative statics? Assume that a firm wants to set up a factory. It considers four different locations. The rent of the factory space and the time taken to transport the products from each of the locations to the market is shown in the table below. It is also given that the opportunity cost of time is $10 per hour.
a)   Which is the optimum location?
b)   If the opportunity cost of time changes to $30 per hour, is there any change in the optimum?

Location   Time Taken to Transport  Products to the Market (hours per month)   Rent ($ per month)
1   180   3,000
2   150   3,200
3   100   3,600
4   60   4,100
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Microeconomics

Microeconomics


Edition: 1st
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SudzburySudzbury
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7 years ago
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whipped Author
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7 years ago
Smart ... Thanks!
kh540941
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Yesterday
this is exactly what I needed
cartoon
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2 hours ago
Thank you, thank you, thank you!
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