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?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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?

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