In many large cities you can now use your cell phone to call Uber or Lyft instead of hailing a taxi. Would you expect this to affect the prices of taxi medallions (that is really the supply of taxis)? Why or why not? Talk about supply and demand curves in your answer.
1. A taxi is or seems to be a lot more work you have to call and request it to your location many people are always navigating on their phones anyway and its just so much easier than to hail a cab all you have to do is get on an app and request for them to pick you up its also easy to just pay on the app without having to have cash on you all the time. The prices of the taxis are probably lower now than the ubers or the lyfts but the demand for taxis are deffinatly dropping and with that comes the lowering of the prices.
Can you think of an example where you watched the supply of a good or service change rapidly? (For example, a new hotel or restaurant opened.) Based on the chapter what would you expect to see happen? Why?
2. Android phones have signifancantly dropped in the market with all of the advertising all of the iphones many people want the newer stuff with bettter cameras and just everything up to date with technology. From the first time they came out with the first iphone they have kept improving them and the market has just been going up they seem to start getting more people interested in buying more products as they come out people wait years to be able buy it and many of the products are sold out within the first couple of hours.
Give another example of a concept from this chapter. For example I used AirBnB to rent an apartment in San Francisco a few years ago. How did AirBnB affect the supply of short term room rentals in San Francisco? How about the supply of long term rentals?
3. AirBnB has affected the supply of short term room rentals by making there be so many open the supply is a lot and the demand for the are lower because the have AirBnB seem to be cheaper and multiple people look for something a little bit cheaper and they look at something that looks better, it has affected long term because people are still looking at going with the AirBnB because they are cheaper and the supply again stays longer or also people whom have a bigger place can rent out rooms on AirBnB for people who are looking for a place to rent for however long they need.
Macroeconomics 