1) How does optimization using total value differ from optimization using marginal analysis? Assume that the city council has to choose one of the following three alternatives-setting up a school, setting up a hospital, and setting up a playground. The estimates of the expected cost and benefit of all three projects are showr in the following table. How does the city council arrive at the optimal choice if both the tarhnioues of optimization are implemented? Do the results vary? 2) An individual decides to rent an apartment for $7,000 per month. The commuting time from this apartment to her office is 80 hours per month. If the individual's opportunity cost of time is $30 per hour, calculate the direct cost, indirect cost, and total cost she would incur per month if she rents the apartment. 3) Refer to the table below. Given that an individual's opportunity cost of time is $30 per hour, which of the two apartments should she rent? 4) 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