Question: ASSIGNMENT 1 QUESTIONS a. Using examples, explain the following terms and concepts as they apply to transport economics i. Fixed costs [5 marks] ii. Variable

ASSIGNMENT 1 QUESTIONS 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] b. Using an appropriate theory, justify the rationale for road pricing [20 marks] c. With the aid of a well labelled diagram, demonstrate your understanding of the concept of marginal external cost pricing in transport in the short run [30 marks]

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