What is the minimum value per hour placed on ones time

Assignment Help Econometrics

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

Questions Cloud

Formulate interview questions relating to memory : Formulate interview questions relating to memory, learning, and intelligence. Formulate interview questions relating to cognition and problem solving.

What is the expected value of each ticket : If the PowerBall lottery has $100 million prize, and tickets cost $1.00 each, and there are 500 million tickets sold, what is the expected value of each ticket Is it rational to purchase a ticket What if you know that only 50 million tickets have ..

Identifying major philosophers in the western tradition : Identify philosophers that historically relate to the beginnings of psychology as a formal discipline, along with identifying major philosophers in the western tradition that were primary contributors to the formation of psychology as a discipline?

Describe how the drugs work as pain-blocker : Some anesthetic drugs relieve pain by interfering with various parts of the action potential (discussed in class). Give a brief description of how the two drugs below may work as pain-blockers.

What is the minimum value per hour placed on ones time : 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 valueon time.

Structures of brain and structure’s function in human body : Describing the five major structures of the brain and each structure’s function(s) in the human body.

What type of information source should he use : Timothy wants to identify and locate books and journal articles from a large set. what type of information source should he use?

How many dvds should it order from which supplier : A television station is considering the sale of promotional DVDs. I can have the DVDs produced by one of two suppliers. Supplier A will charge the station a set-up fee of $1,200.00 plus $2.00 for each DVDs; supplier B has no set-up fee and will ch..

What is the size of your potential target market : What is the size of your potential target market?

User Account

All Pages