Assume a person is making a 350 mile trip from Amherst to Washington DC has four modes available to them: air; auto; train; ship. Describe the results for 3 different travelers that value their time at $10, $30, and $100, respectively if the following associated costs and parameters are also involved (hint: convert variables to $): Air $2.00 per mile at 3 hours
Auto $0.50 per mile at 8 hours
Train $0.25 per mile at 10 hours
Ship S0.25 per mile at 15 hours
1. Which mode wins out for each of the 3 travelers?
2. Which mode would you select, and why?