3. It takes two hours to travel from New York City to Washington, D.C., by air but...

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3. It takes two hours to travel from New York City to Washington, D.C., by air but eight hours by bus. If the airfare is $44 and the bus fare $20, which would be cheaper for someone whose opportunity cost of travel time is $2 per hour? someone whose opportunity cost is $4 per hour? $6 per hour?

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Economics Private And Public Choice

ISBN: 9780123110404

2nd Edition

Authors: James D Gwartney; Richard Stroup; A H Studenmund

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