Business, 20.03.2020 06:54 Reese7977

Air travel from New York to Miami costs $300 and takes 6 hours. A bus ticket between the cities costs $150 and takes 56 hours. Other things constant, the minimum value of one's time that would induce a rational individual to fly rather than drive would be a. $5 per hour. b. $50 per hour. c. $3 per hour. d. $1 per hour.

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Air travel from New York to Miami costs $300 and takes 6 hours. A bus ticket between the cities cost...