An ATM Is to Be Located in a Campus Union

question 10

Essay

An ATM is to be located in a campus union building so that it minimizes the distance from the food court,the gift shop,and the theater.They are located at coordinates (2,2),(0,6),and (8,0).Develop a goal programming model to locate the best place for the ATM.

---

Definitions:

Market Structure

The organizational and other characteristics of a market, influencing the nature of competition and pricing.

Marginal Revenue Curve

The Marginal Revenue Curve shows how additional income varies as a result of changes in the quantity of a good or service sold, highlighting the incremental earnings generated by selling one more unit.

Monopolistic Competition

Monopolistic competition is a market structure where many firms sell products that are similar but not identical, allowing for significant differentiation and some price control.

Long-run Minimum

pertains to the lowest level of input costs or output prices a firm can achieve over a period during which all input factors are variable.