1. What are the implications for demand in the short and long r
... than 1, suggesting that price changes would have little effect in the short term on the demand of road transport and therefore would be an inelastic good (Maddison et al. 1996) Over time it can often be seen that the population can adapt, for example if fuel prices were to increase then in the short term there will be little effect on ... the 1920's. At present it seems a very unfair policy with the externalities paid for by the whole population in the form of taxation, something that there is no personal choice over paying. This inevitably means that those who use road transport more b...
- Word Count: 1664
- Approx Pages: 7
- Grade Level: Graduate