Description
DESCRIPTION
Economics: Supply and Demand
USF issues parking permits to allow students to park on campus. The price of the permit is set by college administrators at their discretion, they do not consider market conditions. At the current price, some students complain that there arent enough spaces for them to park.
Address the following three points in a short essay:
- Describe this situation in economic terms and describe what this implies about the market equilibrium and the price of a parking permit.
- Should the price of a parking permit be raised or lowered to fix this problem? Why? Explain.
- Use the supply and demand model to describe how a graph of the market for parking permits would be affected by a change in price. You must include a graph and reference/describe the graph in your essay.
FORMATTING
The body of the text (DO NOT use header/footers/by lines on pages with text) must be at least 2 full paragraphs (no more than 3 paragraphs), double-spaced, 1″ margins, and size 12 Arial FONT. File type must be doc OR docx OR pdf. No other file types are supported, especially .pages. If included, title/title page is not included in page count. Graphs, tables, figures, images, and bibliography page should be included at the end of the text and are NOT to be included in the paragraph length requirement.
This is a short essay and therefore should be entirely of your own words and thoughts, do not paraphrase or quote others. If you reference other sources to gather ideas the bibliography page should be included.
