An airline ticket from Seattle to Miami costs $525. A bus ticket is $325. Traveling by plane will take 5 hours, compared with 25 hours by bus. Thus, the plane costs $200 more but saves 20 hours of time. (Hint: Note how we are "thinking at the margin" here by looking at the changes.) Other things constant, an individual will gain by choosing air travel if, and only if, each hour of her time is valued at more than
A) $10 per hour.
B) $13 per hour.
C) $20 per hour.
D) $105 per hour.
Correct Answer:
Verified
Q201: Figure 2-10 Q202: When collective decision making (the political process) Q203: Keri decided to sleep in today rather Q204: Which of the following best describes the Q205: Figure 2-10 Q207: The law of comparative advantage suggests that Q208: The owners of private property will Q209: Which of the following is not one Q210: Figure 2-10 Q211: Figure 2-9 Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents![]()
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