1 john wants to travel from pittsburgh to philadelphia it, Ask an Expert

Economics

1) John wants to travel from Pittsburgh to Philadelphia. It takes him 5 hours to drive by car or 1 hour to fly by plane. If the total car rental (fuel and other costs are included) cost is $120 and flight ticket from Pittsburgh to Philadelphia is $200, which option would be cheaper for him under following situations?

a) There is no opportunity cost for travel time for him

b) His opportunity cost for travel time is $10/hr

c) His opportunity cost for travel time is $20/hr

d) His opportunity cost for travel time is $25/hr

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91367197

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