In your
own words describe the meaning of marginal cost. You normally buy a crate of
wine for $75. One crate has 6 bottles of wine. After a month the store clerk
informs you that the same crate of wine now costs $82. However there are 7
bottles in a crate. To the nearest cent determine the marginal cost for one
additional bottle of wine now. (20 points)In your
own words describe the meaning of unit travel. When traveling on a Greyhound
bus without intervention or obstruction it is important to determine the unit
travel time. If you leave Cleveland in a bus full of 24 passengers and arrive
Cincinnati in 3 hours what will be the average unit travel time in person
minutes? ____(20 points)What is
CPI? Given that the CPI trends for travel time for 2010 and this year are 183.42
and 191.35 respectively calculate the current value of travel time if it was
$24.50 per hour in 2010. ____(20 points)After 17
vehicular accidents two years ago in a given intersection the mayor of Boulder
proposed to reduce the number of crashes by making improvements at the
intersection. Assuming the appropriate CRF is 0.53 what will be the reduction
in number of crashes at that intersection achieved by the mayor? (20
points)