1. Assume that as traffic density increases along a given stretch of road, there comes a point when.

1. Assume that as traffic density
increases along a given stretch of road, there comes a point when traffic
begins to slow down. The following table gives the times taken for a car to
travel the stretch of road (in minutes) according to the number of cars
entering the road per minute.

(a) Copy out the table and add the
following rows: (i) total journey time for all cars; (ii) extra journey time as
traffic increases by one more car (marginal social time cost); (iii) additional
time cost imposed on other road users for each additional car entering the road
(marginal external time cost).

(

1. Assume that as traffic density
increases along a given stretch of road, there comes a point when traffic
begins to slow down. The following table gives the times taken for a car to
travel the stretch of road (in minutes) according to the number of cars
entering the road per minute.

(a) Copy out the table and add the
following rows: (i) total journey time for all cars; (ii) extra journey time as
traffic increases by one more car (marginal social time cost); (iii) additional
time cost imposed on other road users for each additional car entering the road
(marginal external time cost).

(b) Assume that time is valued at
10p per minute. On a graph, plot the marginal private time cost (journey time)
and the marginal social time cost.

(c) Assume that electronic road
pricing is introduced. What charge should be levied when traffic density reaches
(i) 6 cars per minute; (ii) 8 cars per minute; (iii) 11 cars per minute?

(d) What additional information
would you need in order to work out the socially efficient traffic density on
this particular stretch of road?

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