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?
Definitions:
Honors a Note
This refers to the action of fulfilling the obligations outlined in a promissory note, typically by repaying the principal and interest by the due date.
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