Microeconomics 14th Edition by James Gwartney ,Richard Stroup,Russell Sobel ,David Macpherson

Exercise 2

* A bus ticket between two cities costs $50 and the trip will take 28 hours, whereas an airplane ticket costs $300 and takes three hours. Mary values her time at $12 per hour, and Michele values her time at $8 per hour. Will Mary take the bus or the plane? Which will Michele take? Explain.