Suppose a suburb is connected to a central business district by a single two-lane road. One of
Question:
Suppose a suburb is connected to a central business district by a single two-lane road. One of these lanes has a toll of $5 for the trip, while the other lane has no toll. If everyone’s time is worth $20 per hour, what is the minimum time savings in the toll lane to make it worthwhile for a motorist to pay the toll?
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Given that the value of time is 20 an hour this means ...View the full answer
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Related Book For 
The Economics of Public Issues
ISBN: 978-0134018973
19th edition
Authors: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
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