Explain the difference between elastic and inelastic demand. Why are the two concepts important to transportation demand?
Answer to relevant QuestionsThe aggregate demand for transportation service is said to be inelastic while the demand for an individual mode or carrier is often elastic. Explain why this is important to carriers and shippers. Help the Chairman of the Joint Transportation Task Force (discussed in the beginning of this chapter) by providing a rationale for spending money from the stimulus package to improve and maintain the transportation ...What is the relationship between improved transportation and land values? Discuss the role of antitrust laws in transportation during the regulated era versus the deregulated era. Compare and contrast pure competition with monopoly from a pricing perspective. If you were a shipper, which would you prefer? Why? Which would a carrier prefer?
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