Determine the traffic volume per day after the toll increase.
A toll bridge carries 6,000 veh/day. The current toll is $3.50/vehicle. Studies have shown that for each increase in toll of 50 cents, the traffic volume will decrease by 500 veh/day. It is desired to increase the toll to a point where revenue will be maximized.
What will be an ideal response?
Now, substitute the new toll, x, into the demand function developed in part a.
V = 6000 – 500(x / 50)
V = 6000 – 500(125/50)
V = 6000 – 1250
V = 4750 vehicles per day
The new demand for the bridge will be 4,750 vehicles per day.
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