The current UK national car - ownership model (NATCOP) makes forecasts of three probabilities: 1+ 2+...

  

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The current UK national car - ownership model (NATCOP) makes forecasts of three probabilities: 1+ 2+ |1+ and 3 + 12 + . Explain what these probabilities mean. b) Table 3.1 gives some data on car ownership probabilities for a hypothetical new model developed for 2030. Table 3.1 Car Ownership Probabilities for 2030 Probability Value 1+ 0.8 2 + 1 + 0.4 3+2+ 0.2 4+3 + 0.1 (1) Calculate the probability that a household owns less than two cars in 2030. (11) Calculate the probability that a household owns exactly three cars in 2030. a) In a bid to win business from competitor operators, a large taxi operator introduced a reduction in fare per kilometre in 2018 and made no further change for the next two years. The operator was alarmed by the impact of this increase and so commissioned a consultant to advise on future pricing policy. The consultant found that the changes in the number of passenger kilometres implied a price elasticity of demand of -0.25. Concerning the value of the implied elasticity, explain why the operator was alarmed. b) The consultant advised the operator to increase the fare per kilometre by 20% in 2021. Estimate the impact of this fare reduction on passenger kilometres and revenue relative to 2020. Use the formula for the calculation of elasticity recommended by the UK Department for Transport. a) What is conventionally defined by the terms 18-hour Annual Average Daily Traffic (18-hr AADT) and 12-hour Annual Average Weekday Traffic (12-hr AAWT). b) Table 10.1 presents some data on traffic flows for a link in Salford forecast for an average hour within each of four time - periods. Table 10.1 Traffic Flow Data 3 Time Period Average Hourly Flow (pcu/hr) Am - Peak 2400 Inter - Peak 800 Pm - Peak 1800 Off - Peak 400 A weekday is taken to comprise a 3-hour AM - Peak, a 3-hour PM-Peak, a six-hour Inter - Peak and a six-hour Off-Peak. Traffic flows on weekends and Bank Holidays are considered to be similar to those in the weekday Off-Peak. (1) Calculate the 12-hour AAWT flow. (11) Calculate the 18-hour AADT flow. The current UK national car - ownership model (NATCOP) makes forecasts of three probabilities: 1+ 2+ |1+ and 3 + 12 + . Explain what these probabilities mean. b) Table 3.1 gives some data on car ownership probabilities for a hypothetical new model developed for 2030. Table 3.1 Car Ownership Probabilities for 2030 Probability Value 1+ 0.8 2 + 1 + 0.4 3+2+ 0.2 4+3 + 0.1 (1) Calculate the probability that a household owns less than two cars in 2030. (11) Calculate the probability that a household owns exactly three cars in 2030. a) In a bid to win business from competitor operators, a large taxi operator introduced a reduction in fare per kilometre in 2018 and made no further change for the next two years. The operator was alarmed by the impact of this increase and so commissioned a consultant to advise on future pricing policy. The consultant found that the changes in the number of passenger kilometres implied a price elasticity of demand of -0.25. Concerning the value of the implied elasticity, explain why the operator was alarmed. b) The consultant advised the operator to increase the fare per kilometre by 20% in 2021. Estimate the impact of this fare reduction on passenger kilometres and revenue relative to 2020. Use the formula for the calculation of elasticity recommended by the UK Department for Transport. a) What is conventionally defined by the terms 18-hour Annual Average Daily Traffic (18-hr AADT) and 12-hour Annual Average Weekday Traffic (12-hr AAWT). b) Table 10.1 presents some data on traffic flows for a link in Salford forecast for an average hour within each of four time - periods. Table 10.1 Traffic Flow Data 3 Time Period Average Hourly Flow (pcu/hr) Am - Peak 2400 Inter - Peak 800 Pm - Peak 1800 Off - Peak 400 A weekday is taken to comprise a 3-hour AM - Peak, a 3-hour PM-Peak, a six-hour Inter - Peak and a six-hour Off-Peak. Traffic flows on weekends and Bank Holidays are considered to be similar to those in the weekday Off-Peak. (1) Calculate the 12-hour AAWT flow. (11) Calculate the 18-hour AADT flow.

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a In the context of the UK national car ownership model NATCOP 1 1 Probability of owning at least on... View the full answer