30 Apr Question: Price elasticities of demand have been estimated for selected modes of transport. The table below…
Q1) Price elasticities of demand have been estimated for selected modes of transport. The table below presents estimates for various modes of transportation. What determines these elasticities? Estimates of the Price Elasticity of Demand for Selected Modes of Transportation Category Estimated EQ,P Airline travel, leisure Rail travel, leisure Airline travel, business Rail travel, business Urban transit -0.70 between-0.04 and-0.34 Source: Elasticities from the cross-sectional studies summarized in Tables 2, 3, 4 in Tae Hoon Oum, W. G. Waters II, and Jong-Say Yong, “Concepts of Price Elasticities of Transport Demand and Recent Empirical Estimates,” Journal of Transport Economics and Policy (May 1992): 139-154
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