The price of an airline ticket from Denver to Washington, D.C. costs $600. A bus ticket costs $150. Traveling by plane takes 6 hours compared with 51 hours by bus. Other things constant, an individual would gain by choosing air travel if, and only if, his time were valued at more than

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Answer:

Step-by-step explanation:

Given that the price of an The price of an airline ticket from Denver to Washington, D.C. costs $600. A bus ticket costs $150. Traveling by plane takes 6 hours compared with 51 hours by bus.

Difference in time [tex]= 51-6 = 45 hours[/tex]

Difference in fares [tex]= 600-150 = 450 dollars[/tex]

If other things remain the same the time lost is 45 hours and money diference 450 dollars

If each hour is more than [tex]\frac{450}{45} =10[/tex] dollars, he would gain by using air travel.

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