Saturday, November 5, 2011
Oppurtunity cost which is cheaper in this problem?
It takes one hour to travel from NYC to WDC by air, but it takes five hours by bus. If the airfare is 110 and bus fare is 70 which would be cheaper for someone whose poppurtunity cost of travel time is 6 per hour? For someone whose oppurtunity cost is 10 per hour? 14 per hour?
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