By Rand Corporation
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Extra info for How Much Is Enough ?: Sizing the Deployment of Baggage Screening Equipment by Considering the Economic Cost of Passenger Delays
This cost grows directly with the amount of equipment purchased. The second is the cost associated with the passenger’s unnecessary wasted time in the airport. This cost is lessened as more equipment is purchased. , the sum of the baggage-scanning equipment and delay costs. We do this estimation in two ways. First is a very straightforward way in which we simply cost the scanning equipment levels and delay times shown in Chart 76. S. economy, which includes such phenomena as the impact 48 of price and delay time on the amount of personal and business flying, the impact of price and delay time on business productivity, and the temporal effects of changes in economic activity in any given year arising from price and delay time of air travel on future GDP levels, through changes in investment flows.
25, rel. 80 30% 20% 10% 0% 0 5 10 15 20 25 30 35 40 45 50 55 60 X = Maximum Baggage Queuing Delays Encountered (minutes) 28 This figure gives an example of the sensitivity of the cumulative probability distributions to the assumed machine reliability. 8. The latter is moved to the right by a significant amount. 9 reliability distribution. To the extent they fail to match, the differences are greatest at the highest delays. If we wanted to keep the highest delay levels from growing, we would need more machines.
By an extension of this logic, the height of any point on the demand curve is the value of that associated unit of consumption to the consumer, and thus the consumer’s willingness to pay for that unit. The total value, or willingness to pay, to consumers of any quantity of output is the area under the demand curve up to that quantity because this is the summation of the value of all the units of output. Thus, the total value to consumers of consuming quantity Q0 would be the area ACQ0O. If the market price to consumers is P0, they will purchase an 60 amount Q0 , for which they would be willing to pay, as just discussed, ACQ0O.