3. With the apparent goal of smoothing peak time traffic and enhancing travel comfort, it is not the rst time that the LTA adjusted the fare mechanism on the MRT system. For example, back in 199?, a smaller discount of 10 cents was offered to commuters who travel early and exit from several of city area stations. Gradually, the discount has been increased to 30 cents, 50 cents, and eventually 100%. Employ the conventional demand and supply curve tools to justify the LTA's initiatives for, firstly, the usual surchargesldiscounts and, secondly, the free peak hour fare. (Hint: You can analyze through two separate Demand-Supply frameworks during peak and off-peak hours, respectively, by incorporating the simultaneous effects across the two hour zones.) Note: When discussion, please incorporate your learning through behavioral economics issues. (For example, among others, how would you compare a peak time surcharge and an off-peak time discount in their effectiveness?)