3. The bridge over the Black River is congested on Friday afternoon and evening, as city dwellers flee to their vacation

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3 The Bridge Over The Black River Is Congested On Friday Afternoon And Evening As City Dwellers Flee To Their Vacation 1 (78.98 KiB) Viewed 16 times

3. The bridge over the Black River is congested on Friday afternoon and evening, as city dwellers flee to their vacation destinations. The time that it takes to cross the bridge is given below. Number of cars Total time Average time to cross Marginal congestion cost per hour 10 minutes 10 10 10 11 12 13 14 15 16 100 200 300 400 500 600 700 800 900 1,000 a. Suppose that vacationers value their time at 10 cents per minute. Find the marginal congestion cost. b. Suppose that the value of crossing is $1.70. Find the equilibrium number of cars. c. Find the efficient number. d. Find the optimal toll. e. Draw a diagram