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Economic in the taxi/cab industry

Taxi industry has been heavily regulated by local governments especially on services, entry and fare. The taxi provides a significant percentage of the public transport services. The industry would play a huge role if restrictions and regulations for joining taxi industry were eliminated. Types of taxi Industries are classified on the basis of the relationship between the users and cabs. The most common taxis industries are formed on the basis of their operations. For instance, the customers identify taxis that are at stands, radio-dispatched cabs and cruising cabs.Cruising cabs are profitable only in the downtown areas of cities with high density of potential riders. Taxi stands are valuable at train stations, airports or hotels. A radio-dispatched cab is useful in most towns and is regularly used by people with a lower financial background or income level. Regulations differ in the size of the cities (Li & Duan, 2014). For instance, large cities have strict controls on entry, fares and services while small communities have no taxi regulations.

The Social in Taxi/Cab industry

Taxi or cabs provide essential services to most of the community. They include businesses, people with limited mobility, tourists, and people who are working on a night program. Taxi plays a significant role in facilitating a good social network across the community. For instance, it assists people who are physically challenged to move from one place to another. The fact that the elderly and disabled people are unable to work or participate in community prompted the emergence of the taxi industry. The service has enabled effective and efficient mode of operations (Li & Duan, 2014).
The taxi provides crucial transport services for late night economy when access to other forms of public transport is unavailable. It benefits individuals and residents by providing convenient means of transport. Consumer surplus is the difference between what individuals would be willing to pay for a cab and what they would pay. Different community will have a difference in the willingness to pay that is depending on the next available option.

Reference

(n.d.). Retrieved March 6, 2015, from http://www.itaxiworkers.ca/Taxi Review Framework Report June 13 .pdf
Li, Y., Xia, T., & Duan, H. (2014). The Impact on Taxi Industry of Taxi-Calling Mobile Apps in Shanghai. In Transportation Research Board 93rd Annual Meeting (No. 14-3867).