Question: Please answer the problem uniquely. DO NOT copy any answers online. Otherwise, it'll result in automatic thumbs down. Thanks ? A city has a utility

Please answer the problem uniquely. DO NOT copy any answers online. Otherwise, it'll result in automatic thumbs down.

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A city has a utility function for use in a logit model of the following form: U =-0.075A - 0.5W -0.04R - 0.02C where: A = access time in minutes W = wait time in minutes R = riding time in minutes C = out-of-pocket cost in cents. a) About 100,000 commuters travel in the city every morning. How many commuters would choose each of the four modes considering the following values for A, W. R and C: Mode A W R C Auto 6 1 25 300 Rail 10 15 75 Bus 10 15 35 60 Bike O 45 10 b) The city is thinking about subsidizing rail and bus service, which would reduce the out of pocket cost by 10% for rail customers and by 15% for bus customers. The city will also construct dedicated bike paths and lanes along the major urban streets, which is expected to reduce bike travel time by 20%. Finally, the city plans to increase parking charges, which is expected to increase the cost for auto users by 15% on average. What is likely to be the new modal distribution with these changes

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