Sketch the conceptual outline of how you would conduct a cost-benefit analysis of the 55 mph speed limit law implemented in the U.S. during the 1970s and 80s.
a. Identify benefits, both direct and indirect.
b. Identify costs, both direct and indirect.
c. Suggest an evaluation criterion and its application.
d. Suppose that you had the option of determining the appropriate scale for a general speed limit law, i.e. you could select any speed limit, not just 55 mph. Explain how you would determine the most economical speed limit.