Question: Given the following utility function for the work tripU, = a , - 0 . 0 0 3 C , - 0 . 0 4
Given the following utility function for the work tripU, aC;Where U is the utility for mode i a is the modal constant term for mode i C is the travel cost in cents for mode i and T is the travel time in minutes by mode i Calculate the market shares of the following travel modes in a corridor:bEstimate the effect that a proposed inerease in the cost associated with the automobile will have on mode split in the corridor. You should show all steps to your solution of the problem.
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