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1. It takes 1 hour to travel from New York to Washington D.C. by air and 4 hours by train. The airfare is $200 and
1. It takes 1 hour to travel from New York to Washington D.C. by air and 4 hours by train. The airfare is $200 and the train fare is $85. If a traveler wishes to minimize the total cost of making this trip, which mode of transportation should be selected if the traveler's opportunity cost of time spent in transit is $15 per hour? Justify your answer.
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