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Question 2: (Mode Choice) Market segment consists of 500 individuals, and the utility function is given as below: v = fim 0.30 C 0.004T?, where
Question 2: (Mode Choice) Market segment consists of 500 individuals, and the utility function is given as below: v = fim 0.30 C 0.004T?, where pB,,, denotes the fixed utility; C denotes the money cost and T denotes the travel time; We have: T&C: Auto 15 min 52.50 Rail 20 min 1.50 Bus 30 min 5$1.00 g : bus transit 0.00 m rail transit 0.40 auto 2.00 (1) Find the utility for each travel mode (10 points); (2) Find the probability to take each travel mode (20 points) (3) If we have a hyber-loop travel mode, whose , = 0.1, T = S5min, C = $5. How this travel mode will change the probability for auto, rail and bus? (20 points)
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