Please show all work for this quiz and explain your derivations. Lack of step-by-step work will not be credited. Partial credit will be given for step-by-step description of answer.
a. In trip calculation, it is observed that a Wal-Mart store driver successfully made a total of 120 trips in a given period of time. During field calculation, it is shown that the calculated number of trips is actually 144. What is the value of the adjustment factor? ____ (14 points)
b. It is shown that the population of New York City, NY is much greater than that of Irvington, NJ. Employment opportunities, malls, social activities and tourist sites in New York City are therefore more than that in Irvington. If attractiveness for New York and Irvington are therefore 1,600 and 160 respectively and if the calculated impedance of migration is known to be 1.57, based on Gravity-Based model, estimate in demands, the number of people who travel between Irvington, NJ and New York City per week. ____ (14 points)
c. Elasticity can be defined as percentage change in demand for a 1% change in decision attribute. For linear aggregate demand, what is the mathematical representation/formula for this statement? You must define the parameters you choose to use for this answer. ____ (14 points)
d. In the City of Joplin, due to weather devastation and hurricane effects, the cost of parking in the local Square has increased by 15%. This change has not only reduced the number of vehicles that travel to the Square by 10%, but it has also forced the inhabitants of Joplin to use buses. Bus trips have therefore increased to 25%. With respect to the cost of parking in the local Square, determine the elasticity of vehicle traffic. ____ (14 points)
e. In your own words, describe the meaning of average cost. You normally buy a crate of wine for $75. One crate has 8 bottles of wine. After a month, the store clerk informs you that the same crate of wine now costs $82. However, there are 10 bottles in a crate. To the nearest cent, determine the average cost of the crate from last month to now. ____ (14 points)
f. In your own words, describe the meaning of marginal cost. You normally buy a crate of wine for $75. One crate has 8 bottles of wine. After a month, the store clerk informs you that the same crate of wine now costs $82. However, there are 10 bottles in a crate. To the nearest cent, determine the marginal cost for one additional bottle of wine now. (15 points)
g. 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 30 passengers and arrive Cincinnati in 4 hours, what will be the average unit travel time in person minutes? ____ (15 points)