22.3 Using the concept of the opportunity cost of time, discuss the following:

a. Which persons might you expect to pay the higher fares to fly the faster Concorde to Europe?

b. Which individuals do you expect would be more likely to stand in long lines and even camp out overnight to purchase tickets to a sporting event?

c. Are greens fees a larger fraction of the total cost of a golf game for a prospering physi cian or a peanut vendor?

d. How would the degree of traffic congestion affect which individuals drive to work and which take mass transit?