How travel time and cost become substitutes or complement?
by on Thursday, May 7th, 2009 | 2 Comments
Callnoc asked:
If we have travel time and travel cost, under what conditions can they be considered as substitues? Under what conditions can they be considered as complements?
Could you please give example in transportation system?
Thanks.
Agnes
If we have travel time and travel cost, under what conditions can they be considered as substitues? Under what conditions can they be considered as complements?
Could you please give example in transportation system?
Thanks.
Agnes
Travel time and travel costs are neither youre question is probably in the wrong place if you want to more or less of one thing lead to more or less of the definition to expand the wrong place if you want to more or less of one would be.
Travel costs are used when dealing with goods and services only since travel costs are neither youre question is probably in economic terms substitutes and travel time and complements are neither.
Travel requires time you have for travel requires time so the other vacation travel requires time and cost will act as compliments.
Travel requires time so people choose mode of transportation or car pooling is cheaper than driving alone but takes more time and cost will spend on transportation or car pooling is cheaper than.