Elasticity and demand in transport

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  • Created by: Jade
  • Created on: 17-11-12 14:48
Firms can use price elasticity of demand to predict?
All of the answers
1 of 6
Governments and firms use YED estimates to predict the impact on demand and revenues of ECONOMIC GROWTH
The demand for luxury items such as air travel (high positive YED) increases more than products with a low YED such as bus travel
2 of 6
Cars are predominately used by ?
High income groups
3 of 6
Buses are predominately used by
Low income groups e.g Pensioners
4 of 6
Buses are perceived as?
A poor substitute for other modes of transport
5 of 6
Buses exhibit what kind of YED?
Low, even negative YED
6 of 6

Other cards in this set

Card 2

Front

Governments and firms use YED estimates to predict the impact on demand and revenues of ECONOMIC GROWTH

Back

The demand for luxury items such as air travel (high positive YED) increases more than products with a low YED such as bus travel

Card 3

Front

Cars are predominately used by ?

Back

Preview of the front of card 3

Card 4

Front

Buses are predominately used by

Back

Preview of the front of card 4

Card 5

Front

Buses are perceived as?

Back

Preview of the front of card 5
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