Essay
Kevin is a student who is planning to attend a university in California.In the evening,he takes music lessons.Kevin has to find an apartment to rent.The apartment should be at a suitable distance from two places,his university and his music classes.The commuting times from apartments in four different locations to both destinations are shown in the table below.Given that Kevin's opportunity cost of time is $10 per hour,find his optimum choice by applying:
a)Optimization using total value
b)Optimization using marginal analysis
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a)To optimize using total value,it is re...View Answer
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