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Answer to Question #72136 in Macroeconomics for Mal

Question #72136
Explain how both demand and supply factors are likely to the affect the price of rail tickets in the UK?
Expert's answer
Shift factors of the demand curve:
1. change in buyers tastes.
2. change in number of buyers
3. change in income.
4. change in the prices of related goods.
5. change in consumer expectations
Shift factors for the Supply curve.
1. change in resources
2. change in technology
3. changes in taxes and subsidies
4. change in prices of other goods
5. change in producer expectation
6. change in number of suppliers

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