Wednesday, June 12, 2019

Demand and Factors that Determine the Demand for Rail Transport Assignment

Demand and Factors that Determine the Demand for Rail Transport Between capital of the United Kingdom and Preston - Assignment ExampleAccording to the constabulary of collect, with otherwise factors held constant, generally, the demand decreases/increases with the increase/decrease in damage of the good. This relationship between demand and price is plotted on a graph as a demand curve as shown in Figure 1.What factors determine the demand for rail witch between capital of the United Kingdom and Preston? The demand for rail impart between London and Preston depends on the following factors 1. Price of rail travel between London and Preston The most serious factor that determines demand of this transport is the price of rail ticket to travel between London and Preston. Travelers would comp be this price of ticket to cost of using alternative transport. This is burning(prenominal) non only for peck travelling once in a while but also for frequent travelers. If there exists co nsiderably reduced fare possibility for frequent travelers, the demand could be expected to be higher from these frequent travelers would have lower cost of travel. 2. Time taken by rail travel between London and Preston Time taken to travel by train is another important factor. If the time taken by train is considerably longer than other authority of transport, the demand may be lower for rail travel. 3. Quality of rail service between London and Preston The quality of service could also be an important factor. It includes not only the quality and comfort of travel by train but also other factors like the frequency of trains, on-time comer, and the time of departure/arrival of trains. Frequency of trains is important so that if consumer(s) change their itinerary suddenly, if there are alternative trains frequently running, they would not be forced to shift to another doer of transport. Next, if the trains are frequently running late, consumers may not find the rail travel very e fficient. Also, if the departure and arrival times of trains are not convenient, consumers would not find rail travel very attractive. For example if trains arrive only late at night or if the trains run during the entire length of the day, consumers may be put off. 4. Attractiveness of alternative modes of travel between London and Preston There could be several other ways consumers to travel between London and Preston. If these services are more attractive, then demand for rail travel would be low. The attractive force of these alternatives also depends on the relative price of these modes, relative comfort, and other factors. Some of these are discussed below for the three other possible modes of transport a. By cable car Several factors could influence the attractiveness of going by car instead. These factors include fuel price (cost of taking the car), relative length of time taken to drive compared to rail travel, and quality of highways (comfort of ride). b. By air Factors influencing the relative attractiveness of air travel are price of air travel, relative total time taken to get from door to door, and of quality air transport services. However, there is another important factor here which is the distance of nearest airport from Preston. c. By bus Factors influencing the relative attractiveness of bus travel are price of bus tickets, time taken by buses, and the quality of bus services. 5. Day of the week and seasonal effects The day of the week could be an important factor. For example, if business travel is frequent on this route, then weekends may see a much lower demand. Also, Seasonal effects are likely to significantly influence demand. For example, during Christmas the demand may be

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