What is the minimum value per hour placed on ones time

Reference no: EM13223784

There are two routes to Cleveland from Indianapolis. One route takes the toll road, which costs $9.00. One route takes the state highways with no tolls. The toll road has a 30% chance of taking 4 hours and a 70% chance of taking 5 hours. The state highway route has a 30% chance of taking 4 hours, a 50% chance of taking 5 hours, and a 20% chance of taking 6 hours. All other factors being the same, people who place a higher value on their time would tend to take which route? What is the minimum value per hour placed on one's time that would cause one to prefer that route?

Reference no: EM13223784

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