Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose you have a mode choice model with three modes: Bicycle, subway, and personal auto. The utility function for each mode is given by the

Suppose you have a mode choice model with three modes: Bicycle, subway, and personal auto. The utility function for each mode is given by the following equation: = 0.02 0.1 where is the out-of-pocket cost by mode m in dollars, and is the travel time by mode m in minutes, and is the mode bias, which is 0 for bicycle, 0.50 for subway and 1.2 for auto. A: Predict the number of trips by each mode for travel times of 30 min., 15 min. and 10 min., and costs of $1.50, $2.50, and $4.00, for bicycle, subway, and personal auto respectively. Percentage of Predicted Number of Trips for Each Mode

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Differential Geometry

Authors: Erwin Kreyszig

1st Edition

486667219, 978-0486667218

More Books

Students also viewed these Mathematics questions