+1 862 207 3288 You are required to answer the following questions in approx. 1,200 words in total. Answers should include relevant diagrams where appropriate.
1. What factors determine the demand for rail transport in the UK? (40 marks)
2. Explain the concept of Price Elasticity of Demand and distinguish between:
a. inelastic demand
b. elastic demand
Identify and explain the factors that might affect price elasticity of demand?
(20 marks)
3. In August 2014, a BBC report said:
“The government has announced that rail fares will rise by 3.5% from January
2015. Rail companies have been pressed by the Department for Transport (DfT)
to raise extra revenue as the government aims to cut its subsidy.”
Using your knowledge of the concept of price elasticity of demand, explain the
reasons why this strategy might/might not succeed in raising revenue.
(40 marks)
Assessment criteria:
• Evidence of clear explanations supported with examples where relevant
• Use of correctly labeled diagrams
• Evidence of well-planned and structured answers displaying correct use of English language and grammar.
• Accurate use of the Harvard Referencing system.
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