I need help with parts C and D

2. (1. Lincoln County has hired your economic consulting rm to calculate the net benets 'om recreation visits to Seal Rock Wayside. Admission to Seal Rock is currently free. You conduct some eld work and initial research that yields the following information: City/Town Miles from Population Number of Estimated Visit rate Seal Rock (1000 s) Vehicles visitors (per 1000 eo le) Corvallis 58 58 35 250 43, Albany 70 54 15 130 2.4 Newport 9 1 1 40 1,000 90.9 Lincoln 32 10 30 700 70.0 City Yachats 14 1 25 200 2000 You estimate that each vehicle carried 3.5 persons (2.2 adults), on average, and make the following assumptions: - The average operating cost of vehicles is $0.65 per mile. - The average speed on county highways is 50 miles per hour. - The opportunity cost to adults of travel time is 30 percent of their wage rate; it is zero for children. - Adult visitors have the average county wage rate of $ 12 per hour. This information is summarized in the attached Excel spreadsheet. Calculate travel cost per vehicle and travel cost per person for each town. 3 pts. Create a scatter plot with travel cost per person on the X axis and visit rate on the Y axis. Fit a line through the data and report the slope. Make sure to include your plot with your answer. 3 pts You know demand when admission is free. Find additional points on the demand curve by predicting visitors from each town as the fee goes up in $10 increments, until the demand is zero. Follow these steps: Calculate new rate = old rate + (fee*slope) New number of visitors = New rate * Population Get total number of Visitors and plot D curve 4 pts Estimate annual benet to visitors by calculating the area under the demand curve. 3 pts Homework 3, Problem 2 Assumptions: Passengers per vehicle: Population Number of Estimated Number of Visit Rate (Visits per 3.5 Town Miles from Seal Rock (thousands) Vehicles in Sample Visitors for Season 1,000 People Adults per vehicle: Corvallis 58 58 35 250 4.3 2.2 Albany 70 54 15 130 2.4 Average county hourly wage rate: Newport 9 11 40 1,000 90.9 $12.00 Lincoln City 32 10 30 700 70.0 Vehicle per mile operating cost: Yachats 14 25 20 200.0 $0.65 Average vehicle speed (mph): Total 2,280 50 Adult opportunity cost (percent of wage rate): 0.3 Part a Town Travel Cost/Trip ($) Travel Cost/Person ($) Corvallis Albany Newport Lincoln City Yachats Part b Travel Cost/Person ($) Visit Rate (Visits per 1,000 People) (Tools|Data Analysis|Regression)Part c Visits (Given Price of) Town $0.00 $10.00 $20.00 $30.00 $40.00 (Assume each additional dollar of Corvallis cost reduces the visit rate by 3.94) Albany Newport Lincoln City Yachats Visits (Given Price of) Town $0.00 $10.00 $20.00 $30.00 $40.00 Copy values and set negative values Corvallis to zero: Albany Newport Lincoln City Yachats Total Create a demand schedule Predicted Visits Admission Fee ($) Area under D Part d Estimate area under Estimate of Annual demand schedule: Net Benefits