There is a road between the suburbs and downtown. The road is congested at rush hour. If 172 people use the road at rush hour, the trip takes 38 minutes. If one additional person enters the road, everyone has to slow down and the trip now takes 39 minutes. People value their time at $6 per hour (that is, 50.10 per minute). For simplicity, ignore all of the costs of using the road other than the cost of time. The total social cost of 172 people using the road at rush hour is S (Round your response to the nearest dollar.) The marginal social cost of onea additional person is S (Round your response to the nearest dollar.) The efficient toll on this one additional person (that is, the cost he imposes on other drivers) is S (Round your response to the nearest dollar.) Suppose at noon 50 people are using the road. The road is not congested and the trip takes just 20 minutes. If one additional driver enters the road, no one has to slow down and the trip continues to take 20 minutes. The toll at noon should be S (Round your response to the nearest dollar.)

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Prior to 2003, the city of Boston was often one big parking lot. Traffic jams were common, and it could take hours to travel a couple of miles. Each additional commuter contributed to the congestion, which can be measured by the total number of cars on Boston roads. Although each commuter suffered by spending valuable time in traffic, none of them paid for the inconvenience they caused others. The total cost of travel includes opportunity cost of time spent in traffic and any fees levied by the Boston authorities. Draw a graph illustrating the overuse of Boston roads, assuming there is no fee to enter London in a vehicle and that roads are a common resource. Put the cost of travel on the vertical axis and the quantity of cars on the horizontal axis. Draw a typical demand, private cost and social cost curve and label the market equilibrium. In February 2003, the city of Boston began charging a $5 congestion fee on all vehicles travelling in central Boston. Illustrate the effects of…

Catherine wins a non-transferable, non-refudnable ticket to attend Saturday's baseball game. Taylor plans to attend the same game, but she knows from experience she can purchase a $40 ticket the day of the game. On the day of the game, it is cold with off-and-on rain showers, weather that both Catherine and Taylor equally dislike, making the prospect of attending the game less attractive than before. If both Catherine and Taylor have the same tastes and rational:  a. Is one of them more likely to attend the baseball game than the other? b. Instead of winning a ticket, assume that last week Catherine paid $40 for the non-trasnferable, non-refundable ticket to Saturday's game. Would this change whether or not one of them is more likely to attend the baseball game?