4. Consider the following table and answer the questions. A J Volume 200 400 600 800 Trip Time 12.00 12.00 12.60 14.00 1,000 16.20 1,200 19.20 1,400 23.00 1,600 27.60 1,800 33.00 2,000 39.20 Increase in Travel Time per Driver 0 0 0.005 0.009 0.013 0.017 0.021 0.025 0.029 0.033 Increase in total Travel Time 0 0 3.00 7.20 13.00 20.40 29.40 40.00 52.20 66.00 External Trip Cost 0 0 0.30 0.72 1.30 2.04 2.94 4.00 5.22 6.60 Private Trip Cost 3.20 3.20 3.26 3.40 3.62 3.92 4.30 4.76 5.30 5.92 Social Trip Cost 3.20 3.20 3.56 4.12 4.92 5.96 7.24 8.76 10.52 12.52 Marginal Benefit (demand) 22.12 19.64 17.16 14.68 12.20 9.72 7.24 4.76 2.28 The equilibrium traffic volume (number of vehicles) is The optimal volume is The optimal congestion tax is The equilibrium volume exceeds the optimum volume because ...
4. Consider the following table and answer the questions. A J Volume 200 400 600 800 Trip Time 12.00 12.00 12.60 14.00 1,000 16.20 1,200 19.20 1,400 23.00 1,600 27.60 1,800 33.00 2,000 39.20 Increase in Travel Time per Driver 0 0 0.005 0.009 0.013 0.017 0.021 0.025 0.029 0.033 Increase in total Travel Time 0 0 3.00 7.20 13.00 20.40 29.40 40.00 52.20 66.00 External Trip Cost 0 0 0.30 0.72 1.30 2.04 2.94 4.00 5.22 6.60 Private Trip Cost 3.20 3.20 3.26 3.40 3.62 3.92 4.30 4.76 5.30 5.92 Social Trip Cost 3.20 3.20 3.56 4.12 4.92 5.96 7.24 8.76 10.52 12.52 Marginal Benefit (demand) 22.12 19.64 17.16 14.68 12.20 9.72 7.24 4.76 2.28 The equilibrium traffic volume (number of vehicles) is The optimal volume is The optimal congestion tax is The equilibrium volume exceeds the optimum volume because ...
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
ChapterA: The Use Of Mathematics In Principles Of Economics
Section: Chapter Questions
Problem 3RQ: Exercise A3 What dome slices of a pie chart represent?
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Transcribed Image Text:4. Consider the following table and answer the questions.
J
Trip
Time
Volume
200
12.00
400
12.00
600
12.60
800
14.00
1,000
16.20
1,200 19.20
1,400 23.00
1,600
27.60
1,800
33.00
2,000
39.20
Increase
in Travel
Time per
Driver
0
0
0.005
0.009
0.013
0.017
0.021
0.025
0.029
0.033
Increase in
total Travel
Time
0
0
3.00
7.20
13.00
20.40
29.40
40.00
52.20
66.00
External
Trip Cost
0
0
0.30
0.72
1.30
2.04
2.94
4.00
5.22
6.60
Private
Trip Cost
3.20
3.20
3.26
3.40
3.62
3.92
4.30
4.76
5.30
5.92
Social
Trip Cost
3.20
3.20
3.56
4.12
4.92
5.96
7.24
8.76
10.52
12.52
Marginal
Benefit
(demand)
The equilibrium traffic volume (number of vehicles) is
The optimal volume is
The optimal congestion tax is
The equilibrium volume exceeds the optimum volume because ...
22.12
19.64
17.16
14.68
12.20
9.72
7.24
4.76
2.28
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