3. A new office park is considering to start an express bus service for workers. A survey of office park commuters is conducted and found that mode choice is affected by out-of-pocket costs (OPC) and total travel time (TTT) where the mode utility is expressed by the function Um ao -0.47OPCm - 0.22TTT a. ao Mode Automobile 0.73 Bus 0 OPC --- TTT 10.5 0.75 18 What is the expected percentage of bus riders based on the parameters given?
3. A new office park is considering to start an express bus service for workers. A survey of office park commuters is conducted and found that mode choice is affected by out-of-pocket costs (OPC) and total travel time (TTT) where the mode utility is expressed by the function Um ao -0.47OPCm - 0.22TTT a. ao Mode Automobile 0.73 Bus 0 OPC --- TTT 10.5 0.75 18 What is the expected percentage of bus riders based on the parameters given?
Chapter4: Utility Maximization And Choice
Section: Chapter Questions
Problem 4.2P
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DO THIS SHOWING COMPLETE SOLUTIONS FOR UPVOTE
![Use 2 decimal places in your final
3.
A new office park is considering to start an express bus service for workers. A survey of office park commuters is conducted and found that
mode choice is affected by out-of-pocket costs (OPC) and total travel time (TTT) where the mode utility is expressed by the function
Um ao 0.47OPCm - 0.22TTT
a.
b.
Mode
Automobile
Bus
ao
0.73
0
OPC
TTT
10.5
0.75 18
---
What is the expected percentage of bus riders based on the parameters given?
What would the bus mode share be if the bus fare is reduced to zero?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F03153627-dcb6-42d3-b8d8-62f1b562b5ef%2Fa394e6c7-9acf-47bd-a5e5-c35e3557ed08%2F4srrghg_processed.png&w=3840&q=75)
Transcribed Image Text:Use 2 decimal places in your final
3.
A new office park is considering to start an express bus service for workers. A survey of office park commuters is conducted and found that
mode choice is affected by out-of-pocket costs (OPC) and total travel time (TTT) where the mode utility is expressed by the function
Um ao 0.47OPCm - 0.22TTT
a.
b.
Mode
Automobile
Bus
ao
0.73
0
OPC
TTT
10.5
0.75 18
---
What is the expected percentage of bus riders based on the parameters given?
What would the bus mode share be if the bus fare is reduced to zero?
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