Compared to prices charged by Uber, traditional taxi companies charge government-regulated prices. These government-regulated prices ________...
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Compared to prices charged by Uber, traditional taxi companies charge government-regulated prices. These government-regulated prices ________ in the market for shared rides.
A. decrease producer surplus.
B. decrease deadweight loss.
C. decrease consumer surplus.
D. increase consumer surplus.
I know that the answer is C, but can someone please explain why? Is it because taxi prices would be more than Uber prices?
Homework Answers
Taxi prices are higher than Uber prices ( slightly higher) ,so higher prices means the surplus that CONSUMER is earning at each quantity from Uber will be lower with taxi ,so that is these government regulated prices Decrease CONSUMER surplus in the market for shared rides.
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Compared to prices charged by Uber, traditional taxi companies
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2. Consider the following supply and demand equations, in the market for labour: Supply: w L Demand:w 500-L a) What is the market equilibrium in a free market? b) Under a free market, what is the consumer and producer surplus? c) Suppose that the government enacts a minimum wage of w 400. What is the new consumer and producer surplus? d) Under the minimum wage, what is the deadweight loss? 3. In many countries, governments set the fares for taxi...
4-5
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4) Refer to Figure 15-11. Following the entry of Verizon, the subscripsion price talls rom PMt to Pc What is the increase in consumer surplas as a result of this changs A) the area B+C Q) the area D+F B) the area B+C.D D) the area A B 5) Refer to Figure 15-11. What is the size of the deadweight loss prior to Verizon entering the market5) and what happens to this deadweight loss after...
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