BUSINESS HIGH SCHOOL

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.

Answers

Answer 1
Answer:

Answer:

C. $3 per hour

Explanation:

Data given in the question

Travelling cost by air = $300

Time taken by air = 6 hours

Ticket cost of bus = $50

Time taken by bus = 56 hours

Now

The additional amount paid for the air travel

= $300 - $150

= $150

And,

Time saved from the Air travel

= 56 hours - 6 hours

= 50 hours

Hence,

The minimum value of one's time

= Additional Cost paid ÷ saving time

= $150 ÷ 50

= $3 per hour

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Nick won a $1,000 lottery prize. He can't decide what he should spend the money on. For some time now, he has been planning to buy a gaming console, a bicycle, and a watch. But he also needs to save money for an overseas trip in the future. He can give up the bicycle and the watch, but he really wants that gaming console. On the other hand, he also wants to experience a foreign culture. In the end, he decides to save the whole amount for the trip. Which item is the opportunity cost of Nick’s trip?

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The item which will be the opportunity cost is a gaming console.

What is opportunity cost?

Opportunity costs are the possible advantages that a person, investor, or company neglects while deciding between two options. It can be determined by making a comparison between two alternatives.

In the given case, there are four options given which include buying a gaming console, a bicycle, and a watch. Apart from that nick also wants to save money for an overseas trip.

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Therefore, gaming console will be the opportunity cost as it got ignored when selecting trip as decisions for saving.

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1) buying a gaming console
2) going on an overseas trip

The opportunity cost is the gaming console. He had to give up buying the gaming console when he decided to save for the overseas trip.

The bicycle and the watch were not treated as opportunity costs because he willingly disregarded those items from his wants.

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Answers

Answer: authority and legitimacy

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they have the sureness of authority over their people 

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Answers

Answer:

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Answers

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