You want to travel to New Orleans this weekend in celebration of the perfect score you received on your economics exam. You are trying to figure out if you should drive or fly. A round trip airline ticket from Ontario, CA to New Orleans cost $800 and flying there and back takes about 20 hours. Driving roundtrip to New Orleans costs about $200 in gas and takes about 50 hours. Other things constant, what is the minimum value of your time to induce you as a rational individual to fly rather than drive? O $4 per hour. O $20 per hour. O $16 per hour. O $40 per hour.

You want to travel to New Orleans this weekend in celebration of the perfect score you received on your economics exam. You are trying to figure out if you should drive or fly. A round trip airline ticket from Ontario, CA to New Orleans cost $800 and flying there and back takes about 20 hours. Driving roundtrip to New Orleans costs about $200 in gas and takes about 50 hours. Other things constant, what is the minimum value of your time to induce you as a rational individual to fly rather than drive? O $4 per hour. O $20 per hour. O $16 per hour. O $40 per hour.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 2E

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