Wendy Has to Decide Between Taking a Flight and Driving

question 83

Essay

Wendy has to decide between taking a flight and driving to California.Air tickets cost $800 and will get her to California in 2 hours.If she decides to drive,she would need $300 worth of gasoline and 10 hours to reach her destination.Suppose Wendy's opportunity cost of time is $20 per hour.
a)Assuming that there are no other costs involved,use cost-benefit analysis to decide whether she should fly or drive to California.
b)If Wendy has an important business meeting to attend and this increases her opportunity cost of time to $200 per hour,will her optimum decision change? Explain.

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Definitions:

Access

A database management system from Microsoft that allows for the storage, retrieval, management, and manipulation of data.

Close

In computing, "close" typically refers to the action of terminating an application or window, effectively exiting it.

Compact & Repair

A utility or function in database applications designed to reduce file size and fix any issues or errors, enhancing performance and stability.

Backstage View

Backstage view is a feature in Microsoft Office applications that provides access to file-related operations, such as saving, opening, printing, and sharing documents.