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SirJohnny SirJohnny
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A year ago
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 LocationMonthly Commuting Time (hours)Monthly Rent ($)
Very Far302,060
Far252,100
Close152,300
Very Close52,500


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
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Macroeconomics

Macroeconomics


Edition: 3rd
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latoya86latoya86
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A year ago
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SirJohnny Author
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A year ago
Thanks
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This site is awesome
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