Problem
Consider how supply and demand operates in a real-world situation with the ride-share company, Uber. Read the article "The Effects of Uber's Surge Pricing: A Case Study" by Jonathan Hall, Cory Kendrick and Chris Nosko and provide written responses for the 5 prompts that will follow.
A. Who provides "demand" in the ride share service?
B. Who provides "supply"?
C. What role does the company Uber play in coordinating supply and demand?
D. Using the laws of supply and demand, explain what happened to price following a sold-out concert.
E. Using the laws of supply and demand, explain what happened to supply and demand when Uber's system failed on New Year's Eve.