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Alfred Weber's Least Cost Theory

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Yesenia Alvarez

on 6 May 2015

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Transcript of Alfred Weber's Least Cost Theory

Illustration
Weaknesses of Model
does not bring up a variety of in market demand
in diverse markets, his model does not apply easily
no government involvement
capital or technical development
Effectiveness in the field
in present day the government is being involved in this theory
transportation cost is being deminished as techonology evolves and this is not taken into account in the theory
[Alfred] Weber's Least Cost Theory
Premise & Function
What does the model explain?
Strengths of Model
his model still applies to many situations in the present even though the model is 106 years old
explains why industries are located where they are
includes transportation costs (which is a large factor)
How/When is the model used?
Weber's Least Cost Theory is designed to find the location of a manufacturing plant, according to the owner's desire to minimize three categories of cost. These categories are transportation cost, labor cost, agglomeration economies. It overall helps determine whether the plant will be towards the raw material (also includes perishability ) or towards the market.
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