The value of time is the opportunity cost of the time that a traveler spends on his/her journey. In essence, this makes it the amount that a traveler would be willing to pay in order to save time, or the amount they would accept as compensation for lost time.
Value of time
The value of time is the opportunity cost of the time that a traveler spends on his/her journey. In essence, this makes it the amount that a traveler would be willing to pay in order to save time, or the amount they would accept as compensation for lost time.
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