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Use Huff’s law to compute the probability of consumers traveling from their homes to each of...

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Finance

Use Huff’s law to compute the probability of consumers travelingfrom their homes to each of three shopping areas:

Square footage of selling space:

Location 1 = 15,000

Location 2 = 20,000

Location 3 = 25,000

Travel time:

To location 1 = 12 minutes

To location 2 = 18 minutes

To location 3 = 25 minutes Effect of travel time on shoppingtrip is 2.

For full credit you need to show your full equation AND explainhow you used the equation to get your answers.

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Transcribed Image Text

Use Huff’s law to compute the probability of consumers travelingfrom their homes to each of three shopping areas:Square footage of selling space:Location 1 = 15,000Location 2 = 20,000Location 3 = 25,000Travel time:To location 1 = 12 minutesTo location 2 = 18 minutesTo location 3 = 25 minutes Effect of travel time on shoppingtrip is 2.For full credit you need to show your full equation AND explainhow you used the equation to get your answers.

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