Determine the mode choice (personal vehicle or bus system) for the following regression model: Utility Function: Umode – (8.333 x 10-4)*(Access time in sec) – (6.667 x 10-4)*(Wait Time in sec) – (5.00 x 10-4)*(Riding time in sec) – (1.40)*(Cost, $) PARAMETER PERSONAL VEHICLE CITY BUS SYSTEM MODE CONSTANT -0.01 -0.07 ACCESS TIME (SECS) 300 600 WAITING TIME (SECS) 0 900 RIDING TIME (SECS) 1,500 6,000 COST (DOLLARS) $1.50 $1.00

Determine the mode choice (personal vehicle or bus system) for the following regression model: Utility Function: Umode – (8.333 x 10-4)(Access time in sec) – (6.667 x 10-4)(Wait Time in sec) – (5.00 x 10-4)(Riding time in sec) – (1.40)(Cost, $) PARAMETER PERSONAL VEHICLE CITY BUS SYSTEM MODE CONSTANT -0.01 -0.07 ACCESS TIME (SECS) 300 600 WAITING TIME (SECS) 0 900 RIDING TIME (SECS) 1,500 6,000 COST (DOLLARS) $1.50 $1.00

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

ChapterB: Differential Calculus Techniques In Management

Section: Chapter Questions

Problem 8E

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PARAMETER	PERSONAL VEHICLE	CITY BUS SYSTEM
MODE CONSTANT	-0.01	-0.07
ACCESS TIME (SECS)	300	600
WAITING TIME (SECS)	0	900
RIDING TIME (SECS)	1,500	6,000
COST (DOLLARS)	$1.50	$1.00