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Kevin Is a Student Who Is Planning to Attend a University

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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
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:

Parapsychology

A field of study concerned with investigating paranormal and psychic phenomena which fall outside recognized scientific explanations, such as telepathy, precognition, and clairvoyance.

Perception

The process by which individuals organize and interpret their sensory impressions to give meaning to their environment.

Precognition

The purported psychic ability to see or know about events before they happen, which lacks empirical support in the scientific community.

Clairvoyance

A form of extrasensory perception where individuals claim to gain information about an object, person, location, or physical event through means other than the known human senses.

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