A group of students at University of Central Florida have decided to stop commuting hicle. Instead, each walking and bicycling to school, depending on the weather.
The utility functions for the two non- motorized modes for these students are:

- 0.0-0.5 tbike C3Wbike uwalk 2.9 0.5 twalk Ubike

Where, W is a weather related variable and t is travel time in minutes. W0, in good weather condition and W-1, in bad weather condition.

(a) When the weather is good, what is the probability that a "non-motorized" student with a choice between a 15-minute walk and a 6-minute bike ride will choose the bicycle mode?

(b) At what value of the weather coefficient c3 will the student in Part (a) be equally likely to choose walk and bicycle in bad weather?

Answer for the question :

A group of students at University of Central Florida have decided to stop commuting hicle. Instead, each walking and bicycling to school, depending on the weather.

The utility functions for the two non- motorized modes for these students are:

- 0.0-0.5 tbike C3Wbike uwalk 2.9 0.5 twalk Ubike

Where, W is a weather related variable and t is travel time in minutes. W0, in good weather condition and W-1, in bad weather condition.

(a) When the weather is good, what is the probability that a "non-motorized" student with a choice between a 15-minute walk and a 6-minute bike ride will choose the bicycle mode?

(b) At what value of the weather coefficient c3 will the student in Part (a) be equally likely to choose walk and bicycle in bad weather? "

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the fed will purchase bonds from banks to inject money into the banking system. the banks can use these funds to provide loans to individuals and businesses.

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