Prompt: “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?”
The difference in cost between first class and coach is much bigger than I initially suspected. Coach airline tickets on average cost several hundred dollars, this price can go as high as 1,200 depending on the distance of the flight. First class on average cost several thousand dollars, and can approach ten grand depending on how ritzy the particular flight is.
If my parents offered me several thousand dollars I would be elated, but the last thing I see myself doing with that is taking a first class vacation somewhere. It seems like a waste to spend so much more on luxury when a basic coach flight can get you to the same place. It may not be as glamorous, but instead of spending money on glamour I’d rather invest it or save it for the future.
Scarcity imposes costs, first class tickets are much more scarce than regular passenger tickets. This is because first class ticket holders are treated as kings of the airline. They get the ritziest food, the fanciest seating arrangement, and all the legroom they could ask for. But to get these luxuries they can end up paying 3-5 times more than a regular passenger, and to me this extra several thousand dollars is much more valuable than unlimited legroom.
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