Hope Ltd holds an asset that is traded in three different markets: Adelaide, Brisbane, and Perth. Hope Ltd normally trades in Perth. Some information gathered in relation to these three markets is as follows.

	Adelaide	Brisbane	Perth
Annual volume	60,000	24,000	12,000
Price per unit	$200	$192	$212
Transportation cost per unit	$12	$12	$16
Transaction cost per unit	$4	$8	$8

Question:

Using the above information, explain how Hope Ltd should measure the fair value of the asset it holds.