Homework Answers
a. The private cost of one of the 100 individuals using the road is $3. The total private cost of 100 people using the road is $3*100 =$300. The total social cost of 100 people using the road is $0. There will be no social cost until there is 100 people.
b. The total social cost of 101 people using the road is $(101*31*0.10) - $300 i.e number of people multipled by number of time they will take multiply by time vale per minute to people. It will be equal to $313.1 - $300 =$13.1. The private cost of using the road for the 101st individual $3 and external social cost of using the road is $3.10 - $3 =$0.10.
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