3. It takes one hour to travel from New York City to Washington, D.C., by air, but...
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3. It takes one hour to travel from New York City to Washington, D.C., by air, but it takes five hours by bus. If the airfare is $110 and the bus fare is $70, which would be cheaper for someone whose opportunity cost of travel time is $6 per hour? For someone whose opportunity cost is $10 per hour? $14 per hour?
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Related Book For
Macroeconomics Private And Public Choice
ISBN: 9781111970628
14th Edition
Authors: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
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