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Calculates that his total costs of going to and from either

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Monty is planning a trip to Melbourne, and has decided to purchase a return air-ticket for $2,500 and a carry-on bag for $300 from the travel shop next door. However, his friend tells him that he would be able to buy the same air-ticket from a travel shop in Geela Mall for $2,350 and the same carry-on bag for only $260 from Luney Mall (located in the other side of town from Geela Mall). Suppose Monty lives equi-distant from either mall and calculates that his total costs of going to and from either mall is $50. Based on this information, Monty thinks that he should buy the carry-on bag from Luney Mall, but buy the air-ticket from the travel shop next door. Do you agree with Monty? Why, or why not? Explain your answer with reference to a principle of economics.

Reference no: EM132408650

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