Traffic $ Highway Engineering, 5th 2-3, pg 49 2-3 A bridge has been constructed

Question

Traffic $ Highway Engineering, 5th 2-3, pg 49 2-3 A bridge has been constructed between the mainland and an island. The total cost (excluding tolls) to travel across the bridge is expressed as C = 50 + 0.5V, where V is the number of veh/h and C is the cost/veh in cents. The demand for travel across the bridge is V = 2500 ?10C. (a) Determine the volume of traffic across the bridge. (b) If a toll of 25 cents is added, what is the volume across the bridge? What volume would be expected with a 50 cent increase? (c) A tollbooth is to be added, thus reducing the travel time to cross the bridge. The new cost function is C= 50 + 0.2V. Determine the volume of traffic that would cross the bridge. (d) Determine the toll to yield the highest revenue for demand and supply function in part (a), and the associated demand and revenue.

Explanation / Answer

c.)

C = 50 + 0.2V

and V = 2500 - 10C

Solving for V

V = 2500 - 10(50+0.2V)

V = 2500 - 500 - 2V

3V = 2000

V = 666.67 veh/hr

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