If you were flying across country, would you rather sit in first class, or would you rather your parents gave you the difference between the first-class fare and the coach fare?” Explain your answer in terms of your hierarchy of economic values.
If I were flying across the country, I would rather fly coach and be given the difference in cash than fly first class. My reasoning for this would be that, first of all, cross country flights are not too long, (my flight from MA to FL was 3.5 hours), so the need to sleep would be lesser than on an international flight. Close quarters for a short duration would not bother me greatly, and cash is always king. Another reason I would chose the money would be that, I do not really care for a meal on-flight. I would be more likely to eat a slice of pizza at the airport, and grab some snacks for the flight. I am easy to please, and a stuffed animal for a pillow, a hoodie and an iPad + headphones would be more than enough to keep me comfortable and happy on a cross country flight. The cash in hand has a higher economical value to me than extra leg room and a cooked meal (however should I be flying 8+ hours, the hierarchy may shift, and sleeping space and a hot meal may become more valuable than extra cash).