Answer parts A-C to recieve full credit for #1

A. Thomas has to choose between driving and taking a train to destination A. Traveling by train will cost him $400 and will take 4 hours. Driving to destination A takes 6 hours, and the required amount of gasoline cost $250. His opportunity cost of time is $15 per hour. What is his choice?

B. assume that the market for bread is perfectly competitive. the demand for bread is given by the equation QD=120-10P and the market supply for bread is given by QS=60 _5P. if the government sets the price of bread as $2 per loaf, what would happen in this market?

C.

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