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Transport Economics Assignment 1 a) Elasticity is the ratio of the incremental percentage change in one variable with respect to an incremental percentage change in another variable. Elasticity is usually expressed as a positive number when the sign is already clear from context. The factors that could affect elasticity of demand for public transport operations would be the rise in public transport costs. An essential service will have a relatively inelastic demand, for example London commuters travelling into the central business district to work. This means that if the fares increase on London underground it will not significantly affect the number of peak passenger's trips because there is no close alternative mode to the rail or tube travel apart from the car and the roads and car parks have inadequate facilities to cope with the additional flows this will leave the commuter spending a lot of time in traffic. For leisure trips...

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