1. (15 points) The 55 mph speed limit was initially imposed as part of theEmergency Highway Conservation Act of 1973. This law has been amended in manystates by raising the limit on certain highways.Research suggested at the time of passage that the reduced speed limit could becredited with saving 7,466 lives per year, reducing fuel use by 3.4 billion gallons ofgasoline per year, and reducing injuries by 198,000 per year. The same researchersestimated that drivers spent 3,997 million additional hours on the highway each year asa result of the lower speed limit.At the time the speed limit was enacted, the price of gasoline was $0.53 pergallon, the average hourly wage rate was $7.50, and the average highway injury costwas $15,504.a. If the average life saved were valued at $2 million would a cost-benefitanalysis have supported the 55 mph speed limit in 1973? Why or why not?b. Many things have changed since 1973. Find current values and identify yoursource for each of the following: average price of gasoline, average hourly wage rate,average highway injury cost.c. Increased automobile safety features and fuel efficiency have roughly offsetthe increase in the number of vehicles since 1973 so assuming the figures found byresearchers in paragraph 2 are still valid, what would a life have to be valued at for youto recommend imposing the 55 MPH speed limit today?d. Do you think the 55 mph speed limit should be reinstated? Why or why not?
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Sep 21, 2019EXPERT
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