Taking a taxi around London, and knowing London very well, I noticed how some cabbies went the quickest route. Others had a remarkable capacity to get stuck in traffic jams.
So, bravely I asked one this week why this was and he came up with a very plausible reason: a cabbie makes the best money on the “drop” — the initial fixed amount, which is £2.20 here.
The other cabbies did not understand this simple economics - well now you know - not entirely sure how this helps you pass ACCA exams but there you go!
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