How travel time and cost become substitutes or complement?
If we assert travel time and voyage cost, under pardon? conditions can they be measured as substitues? Under could you repeat that? conditions can they be careful as complements?
Could you make somebody’s day give example in moving system?
Thanks.
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In economic terms, ‘substitutes’ and ‘complements’ are used when dealing with goods and services only. Since travel time and costs are neither, you’re question is probably in the wrong place.
If you want to expand the definition to mean does more of one thing lead to more or less of the other than maybe we can work that out. Travel time and travel costs would be complements of each other since more of one would mean more of the other (e.g. fuel, food, entertainment, opportunity costs).
When commuting to work people choose mode of transportation bases on a combination of time and cost, Public transportation or car pooling is cheaper than driving alone but takes more time, so people can substitute one for the other.
Vacation travel requires time so the more time you have for vacations the more money you will spend on transportation for travel, so time and cost will act as compliments.