Answer to Question #72108 in Macroeconomics for Mbee
Population in the UK is increasing, which shifts the demand curve to the right. This means that there is an increase in demand which means people will purchase the rail tickets at any given price
If rail ticket prices increase, the demand will fall as people will go look for alternatives such as public transport or using a bicycle which would be cheaper
If cost of electricity falls, the supply of railway transportation will increase according to decrease in production costs. This will cause the decrease in equilibrium price.
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