Problem:
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on non-customers, who make $10 million in withdrawals from other banks' ATM machines. On average, non-customers earn a wage of $20 per hour and pay ATM fees of $2.75 per transaction. It is estimated that banks would be willing to maintain services for 4 million transactions at $0.75 per transaction, while non-customers would attempt to conduct 16 million transactions at that price. Estimates suggest that, for every 1 million gap between the desired and available transactions, a typical consumer will have to spend an extra minute traveling to another machine to withdraw cash.
Based on this information, what would be the non-pecuniary cost of legislation that would place a $0.75 cap on the fees banks can charge for non-customer transactions?
Instructions: Round your answer to the nearest penny (2 decimal places).
What would be the full economic price of this legislation?