Question: a. Using examples, explain the following terms and concepts as they apply to transport economics i. Fixed costs [5 marks] ii. Variable costs [5 marks]

a. Using examples, explain the following terms and concepts as they apply to transport economics i. Fixed costs [5 marks] ii. Variable costs [5 marks] iii. Internal costs [5 marks] iv. External costs [5 marks] v. Short-run analysis [10marks] vi. Long-run analysis [10 marks] vii. Value of Travel Time (VOTT) [10 marks]

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