Answer to Question #72140 in Microeconomics for Mbee

Question #72140
Explain how both demand and supply side factors are likely to affect the price of rail tickets in the UK. 16 mark answer, Do I talk about the equilibrium price?
An increase in population, average income, price of substitutes, people commuting to work, the demand curve for railway tickets will shift to the right, an increase in demand.Equilibrium rail ticket prices increase.A decrease in population, average income, price of substitutes, less people commuting to work, demand curve for railway tickets will shift to left, a decrease in demand. Equilibrium rail tickets prices decrease. An increase in tax, fuel prices, staff salaries, electricity costs and a lack of subsidies, the supply curve to shift to the left, the supply for railway tickets decrease due to an increase in production costs, equilibrium price increase.
1
Expert's answer
2017-12-26T04:14:43-0500
The answer to the question is available in the PDF file https://www.assignmentexpert.com/https://www.assignmentexpert.com/homework-answers/economics-answer-72140.pdf

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS