With Uber and Lyft becoming more available, Taxis are starting to phase out. With more people using Uber and Lyft, both the supply and demand of taxis will decrease. When the demand of taxis is less, the demand curve shifts to the left. With the demand being lower, there will be less of a supply of taxis. Therefor the supply curve will also shift to the left to represent less taxi’s supplied.
This past week in Summit County, the demand for snow plowing has increased. While the supply stayed the same because there are only so many people who plow, the demand curve shifted to the right. When this situation happens, plow companies can charge more and pick which jobs they want to take.
With the new 40% sales tax on tobacco products in Summit County, I believe there will be a surplus of tobacco products because the market price will be above the equilibrium price.
Connor's Blog 