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?
Chapter10: Consumer Choice Theory
Section: Chapter Questions
Problem 6P
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