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
Definitions:
Sea Stack
An isolated, pillar-like, rocky island or pinnacle near a rocky coastline.
Promontory
A high point of land or rock projecting into a body of water or over a lowland, often offering broad views of the surrounding area.
Longshore Current
A current that runs parallel to the shore, generated by waves hitting the shoreline at an angle.
Spit
A small point or low ridge of sand or gravel projecting from the shore into a body of water.
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