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The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne
Edition 13ISBN: 9780132992695The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne
Edition 13ISBN: 9780132992695 Exercise 4
By taking an airplane, one can go from D to H in one hour. The same trip takes five hours by bus. If the airfare is $120 and the bus fare is $30, which would be the cheaper mode of transportation for someone who could earn $6 an hour during this time? For someone who could earn $30 an hour?
Explanation
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Opportunity Cost is the value of the nex...
The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne
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