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Maria has to choose between driving and taking a train to destination A. Traveling by train will ...

Maria has to choose between driving and taking a train to destination A. Traveling by train will cost her $400 and will take 4 hours. Driving to destination A takes 6 hours, and the required amount of gasoline costs $250. Her opportunity cost of time is $15 per hour.

Refer to the scenario above. If the opportunity cost of time increases to $80 per hour, which of the following statements is TRUE?

▸ Maria should choose to travel by train, as it saves her $10.

▸ Maria should choose to travel by train, as it saves her $150.

▸ Maria should choose to drive, as it saves her $10.

▸ Maria should choose to drive, as it saves her $150.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 60 times

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Science220 Author

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Smart ... Thanks!

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