Jack sees commuting by bus and train as perfect substitutes, Business Economics

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Jack sees commuting by bus and train as perfect substitutes

Jack sees commuting by bus and train as perfect substitutes (U = B + T), that is, he would exchange one commute by bus for one commute by train. The price of a bus ticket is $1.50 and the price of a train ticket is $ 2.00. Jack has $6.00 to spend on commuting. What is Jack's best affordable choice? By how much can train ticket prices increase without making Jack worse off?

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Business Economics: Jack sees commuting by bus and train as perfect substitutes

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Business Economics: Jack sees commuting by bus and train as perfect substitutes

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