Draw a market area diagram showing the market area

Reference no: EM132200823

Question: In one hour, people can make one horseshoe or one bushel of vegetables. There is a blacksmith forge where a worker can make five horseshoes or one bushel of vegetables in one hour. For each worker at the forge, there are hourly labor costs of two bushels of vegetables per hour plus other hourly inputs valued at one bushel of vegetables per hour.Using the proper units, what is the cost of a horseshoe at the forge?Transportation costs are 1/10 of a bushel of vegetables per round-trip mile. Draw a market area diagram (martini glass diagram) showing the market area of one forge.

Suppose this takes place on an island that is 40 miles long. How many forges will it take so that no one produces horseshoes at home? Draw this system of forges (horseshoe factories).

Reference no: EM132200823

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