Assignment:
Essay: Write an essays on the following questions
1. Measuring transport output can be challenging to individuals trying to make a comparison among modes of transportation. Why is this measurement so challenging or difficult? Is there a better measure? Why or why not?
2. Adam Smith stated that the specialization of labor was limited by the extent of the market and that transportation helps to expand the market. Explain this statement.
3. Explain the nature and importance of time and place utility and how they contribute to the value of a good. Discuss the rationale for the economic regulation transportation.