Although not proven empirically, it has been suggested that people will be willi

Question

Although not proven empirically, it has been suggested that people will be willing to take a lower paying job to save on transportation costs (generalized cost). Explain why you agree with this or don't agree with this theory Explain how there exists both variation in transportation demand and stability in transportation demand. Use examples from class and/or your own experiences. In the short run is the price elasticity of demand for transport elastic or inelastic? What happens in the long run? Explain these phenomena. When transport is considered a need by a government, what happens to the output and price of transportation? Explain why this happens and why you agree or disagree with the concept of transportation as a need 5. 6. 7. 8.

Explanation / Answer

5-

Transportation cost act as a daily cost of operation which includes the amount of money involved in such a specific conditions. As the people usually tend to spend less as per the basic human psychology, selection of a lower paying job in willing to save on the coast of transportation is preferred by many individuals.

I agree with this is specific statement as it is the basic response of human psychology to save on day to day expenses rather than getting more payment and having a risk of paying more in transportation cost or generalized cost.

6-

As per the changing conditions of a region availability of overall transportation and requirement changes according to the need.
For an example, transportation demand for an office or a workplace is usually constant as individuals requiring the specific demand are going to the office on a regular motion.
Where transportation demand to a market is variable which could be affected by several factors including choices of the customer to visit the market on for their own preference.
Above are the fine example of variable and stability in transportation demand.

7-

Price elasticity of demand for transport in short run is inelastic. And it is more elastic in a long term scenario. As per the availability of quantity supplied and quantity demanded are slow to react the changes in price in short run in transportation industry as well as react more substantially for the long-run availability of elasticity in demand behaves accordingly..

8-

When transportation is considered a need by government, it is served as a basic requirement for the development of the society. Price of the specific Transportation system is taken from the taxpayers of the specific country and output gained by the specific department or development of transport medium case reinvested into the same department for betterment of the facilities.
I agree with the situation of transportation as a need. As availability of transportation is one of the most essential part for development of any specific country this should be considered as a basic need.

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