1. A bridge connects towns A&B. The bridge is available to anyone who wishes to access it, but it is subject to congestion extermalities (traffic problems). There exists an alternative land-based road which is longer, but it is sufficiently large so that it is never subject to traffic congestion. (15 points) Getting from town A to town B takes 34 minutes via the land-based route. The time it takes to get from town A to town B via the bridge is dependent on the number of cars on the bridge.... For the following questions, assume perfect information (when deciding whether or not to take the bridge, travelers know how many cars are on the bridge and what the ensuing implications for travel time are). Further, assume that the value of time is $1 per minute. a. How many cars use the bridge if it remains an open access (common property) resource? b. What is the socially optimal number of cars on the bridge? c. The divergence between your answers to parts a and b demonstrates what concept? 1. A bridge connects towns A&B. The bridge is available to anyone who wishes to access it, but it is subject to congestion extermalities (traffic problems). There exists an alternative land-based road which is longer, but it is sufficiently large so that it is never subject to traffic congestion. (15 points) Getting from town A to town B takes 34 minutes via the land-based route. The time it takes to get from town A to town B via the bridge is dependent on the number of cars on the bridge.... For the following questions, assume perfect information (when deciding whether or not to take the bridge, travelers know how many cars are on the bridge and what the ensuing implications for travel time are). Further, assume that the value of time is $1 per minute. a. How many cars use the bridge if it remains an open access (common property) resource? b. What is the socially optimal number of cars on the bridge? c. The divergence between your answers to parts a and b demonstrates what concept