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Explain the role of government in setting transport laws.
Step by step
Solved in 3 steps
- 1. Explain the considerations that can modify and individuals demand for urban transportation. Some products have elastic demand while some have inelastic demands. Explain the condition in which the derived demand for transport would be elastic or inelastic. 2. Is building roads a good idea even if it results in more travel demand?Why do producers have more interest in government regulations than consumers do?Why are urban areas willing to subsidize urban transit systems? Does the argument for subsidies make sense to you?
- Analyse how barriers to entry determine the degree of competition in transport marketsHow expensive public transport is impact on people with low salary ? Graph it.What public policy approach would be most reasonable to protect consumers from harmful products? How might market and economic forces play a role in protecting consumers?