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Section I The Market for Transport on a Road of Fixed
The Welfare Implications of the Fixed
The Investment Decision
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associated with speeds assumed calculations congested road Congestion Costs consumer surplus cost and marginal cost of resources demand and cost demand for transport demand for travel demand increases demand is independent density of traffic dependent on speed determining the optimum Diagram 12 Diagram 9 ensure enter the road equilibrium fixed costs flow and speed flow curve flow of vehicles flow q given road increases with speed increasing speed independent of speed loci locus demand curve long run marginal long run total marginal private cost marginal social cost max Diagram max Flow maximised maximum capacity maximum flow optimum flow optimum road prepared to pay Price flow private cost curve road pricing run marginal cost run total cost Section short run marginal short run total situation social cost curve speed of journey total cost curve traffic engineering traffic flow unit cost curves UNIVERSITY OF BIRMINGHAM vehicle at speed vehicles Diagram Walters