Consider the market for taxi service in Washington, DC. Use demand-supply analysis to explain the effects (i.e., increase or decrease) on the equilibrium price and quantity from the following (considers each case separately; and assumes that only one side of the market is affected.):
-Bus drives go on strike.
Equilibrium Price: Quantity:
-Bus fares increase after a strike by bus drives.
Equilibrium Price: Quantity:
-Taxi drivers must pass a competency test, and a third of all drivers fail.
Equilibrium Price: Quantity:
-Gasoline prices increase
Equilibrium Price: Quantity:
-Half of the downtown parking lots are converted to office building.
Equilibrium Price: Quantity:
-The population of the city increases.
Equilibrium Price: Quantity:
1) In the past, the success of
Consider the market for taxi service in Washington, DC. Use demand-supply analysis to explain the effects (i.e., increase or decrease) on the equilibrium price and quantity from the following (considers each case separately; and assumes that only one side of the market is affected.):
-Bus drives go on strike.
Equilibrium Price: Quantity:
-Bus fares increase after a strike by bus drives.
Equilibrium Price: Quantity:
-Taxi drivers must pass a competency test, and a third of all drivers fail.
Equilibrium Price: Quantity:
-Gasoline prices increase
Equilibrium Price: Quantity:
-Half of the downtown parking lots are converted to office building.
Equilibrium Price: Quantity:
-The population of the city increases.
Equilibrium Price: Quantity:
1) In the past, the success of
