The opportunity cost of Current traffic delays , and Estimated delays in 10 years is mathematically given as
- The existing traffic bottlenecks are costing the economy $385 billion in lost productivity per year.
- It is anticipated that in 10 years, traffic delays would cost $440 billion in lost productivity.
<h3>Current traffic delays, and Estimated delays in 10 years?</h3>
The opportunity cost is defined as the product of the value of production per hour multiplied by the hourly wage.
Generally, the Opportunity cost is mathematically given as
Opportunity cost =$110 million * $3.5 billion
Opportunity cost = $385 billion
The existing traffic bottlenecks are costing the economy $385 billion in lost productivity per year.
b)
For every year that goes by, 4 billion hours will be wasted in traffic.
The opportunity cost of a lost hour of work is defined as the product of its value per hour of production times its price.
Generally, the Opportunity cost is mathematically given as
Opportunity cost =$4 billion *$110
The answer is = $440 billion
It is anticipated that in 10 years, traffic delays would cost $440 billion in lost productivity.
Read more about Opportunity cost
brainly.com/question/13036997
#SPJ1