Required information Problem 02-18 Excel Exercise Parts 1 and 2 From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $10 million in withdrawals from other banks' ATM machines. On average, noncustomers earn a wage of $22 per hour and pay ATM fees of $3.50 per transaction. It is estimated that banks would be willing to maintain services for 4 million transactions at $1.00 per transaction, while noncustomers would attempt to conduct 20 million transactions at that price. Estimates suggest that, for every 1 million gap between the desired and available transactions, a typical consumer will have to spend an extra minute traveling to another machine to withdraw cash. Suppose there is legislation that would place a $1.00 cap on the fees banks can charge for noncustomer transactions. Problem 02-18 - Excel Exercise Part 2 of 2 Assume that the information from the problem changed to the following: Withdrawals from other banks (millions) $ 12 Average wage per hour $ 24 Average ATM fee per transaction $3.50 Transactions provided by banks at cap fee (millions) 4 Noncustomer transactions demanded at cap fee (millions) 21 Extra minutes travelled per 1 million gap between desired and available transactions 1 Proposed cap on transaction fee $ 1 Instruction: Update the data in your spreadsheet to the values above and enter the recomputed answers for the original questions. Required: 1. What is the nonpecuniary cost of this legislation? Instruction: Enter your response rounded to two decimal places. Nonpecuniary cost of the legislation l 2. What is the full economic price of this legislation? Instruction: Enter your response rounded to two decimal places. Full economic price of the legislation l