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Thump-Thump Data Cities lay cables (plastic-coated sensors) in roadways to gather data on traffi c volume and speeds, causing a thump-thump sound. Based on thump-thump data, you have concluded that at a volume ( V ) of 1,500 vehicles, the time required for a 10-mile trip is 24 minutes, compared to 23.98 minutes with V = 1,499 vehicles. The monetary cost of the trip is $1 and the opportunity cost of time is $0.10 per minute. a. At V = 1,500, the private trip cost is , computed as . . . b. At V = 1,500, the external trip cost is , computed as . . . c. At V = 1,500, the social trip cost is , computed as . . . d. Use a fi gure like Figure 10–3 to show an equilibrium volume of V 1,500 and an optimum volume of V = 1,300. Provide as many relevant numbers as possible. e. On your graph use a curly bracket ({) to show external trip cost for the equilibrium volume and a brace ([) to show the optimum congestion tax. f. The optimum congestion tax is [larger, smaller] than the equilibrium external trip cost because . . .
Chapter 10, Problem 1(choose chapter or problem)
Thump-Thump Data
Cities lay cables (plastic-coated sensors) in roadways to gather data on traffic volume and speeds, causing a thump-thump sound. Based on thump-thump data, you have concluded that at a volume (V) of 1,500 vehicles, the time required for a 10-mile trip is 24 minutes, compared to 23.98 minutes with V = 1,499 vehicles. The monetary cost of the trip is $1 and the opportunity cost of time is $0.10 per minute.
(a). At V = 1,500, the private trip cost is ______, computed as…
(b). At V = 1,500, the external trip cost is ______, computed as…
(c). At V = 1,500, the social trip cost is ______, computed as…
(d). Use a figure like Figure 10–3 to show an equilibrium volume of V = 1,500 and an optimum volume of V = 1,300. Provide as many relevant numbers as possible.
(e). On your graph use a curly bracket ({) to show external trip cost for the equilibrium volume and a brace ([) to show the optimum congestion tax.
(f). The optimum congestion tax is [larger, smaller] than the equilibrium external trip cost because…
Questions & Answers
QUESTION:
Thump-Thump Data
Cities lay cables (plastic-coated sensors) in roadways to gather data on traffic volume and speeds, causing a thump-thump sound. Based on thump-thump data, you have concluded that at a volume (V) of 1,500 vehicles, the time required for a 10-mile trip is 24 minutes, compared to 23.98 minutes with V = 1,499 vehicles. The monetary cost of the trip is $1 and the opportunity cost of time is $0.10 per minute.
(a). At V = 1,500, the private trip cost is ______, computed as…
(b). At V = 1,500, the external trip cost is ______, computed as…
(c). At V = 1,500, the social trip cost is ______, computed as…
(d). Use a figure like Figure 10–3 to show an equilibrium volume of V = 1,500 and an optimum volume of V = 1,300. Provide as many relevant numbers as possible.
(e). On your graph use a curly bracket ({) to show external trip cost for the equilibrium volume and a brace ([) to show the optimum congestion tax.
(f). The optimum congestion tax is [larger, smaller] than the equilibrium external trip cost because…
ANSWER:Step 1 of 9
A volume ( V ) of 1,500 vehicles, the time required for a 10-mile trip is 24 minutes, compared to 23.98 minutes with V = 1,499 vehicles. The monetary cost of the trip is \(\$1\) and the opportunity cost of time is \(\$0.10\) per minute.