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harlie is a typical New Yorker who rides the subway system. Each month, Charlie spends $90 on transportation costs, including subway rides and other types
harlie is a typical New Yorker who rides the subway system. Each month, Charlie spends $90 on transportation costs, including subway rides and other types of transportation (such as cabs and buses). The price of a subway ride is $2.25 per ride. Assume that the price of other transportation is equal to $1 per unit.What is the numerical value of the opportunity cost of an additional subway ride in terms of other types of transportation? Explain in words what the opportunity cost is. Would someone with an income greater than Charlie's face a different opportunity cost? Explain.\
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