The traveler opportunity cost of time spent in transit

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Reference no: EM131424674

It takes 1 hour to travel from New York to Washington D.C. by air and 8 hours by bus. The airfare is $190 and the busfare is $35. If a traveler wishes to minimize the total cost of making this trip, which mode of transportation should be selected if the traveler’s opportunity cost of time spent in transit is $10 per hour?

Reference no: EM131424674

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