An additional toll booth changed the cost function to C = 50 + 0.2V. Determine the new volume of vehicles wanting to cross this bridge.
A bridge has been constructed between the mainland and an island. The total cost
(excluding tolls) to travel across the bridge is expressed as C ? 50 ? 0.5V, where V is
the number of veh/hr and C is the cost/vehicle in cents. The demand for travel
across the bridge is V ? 2500 ?10C .
What will be an ideal response?
Substitute the new cost function into the demand function and solve for V.
V = 2500 –10 (50 + 0.2V)
V = 2500 – 500 – 2V
3V = 2000
V = 666.67 vehicles/ hour
Therefore, the new number of vehicles wanting to cross this bridge is 667 vehicle/hour.
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