[Brielle Buckler]

In this unit, we learned the basics of economics, and how supply and demand, scarcity and abundance affect the way goods and services exist in the world. Now, let’s talk about it.

According to a recent article in Forbes Magazine, “The demand for additional battery life is so large Pokémon GO is already having an impact on the sales of external batteries and phone cases with extra battery capacity.” Popular portable battery makers told Forbes that the sales of certain products have grown significantly, up to double or triple just in Pokémon GO’s first week in the United States. On a less technological front, coffee prices are up by 13 percent due to increased demand, and the supply of Corvettes is not sufficient to meet the current demand. All of these statements come from headlines from the past few months, indicating that the laws of supply and demand impact everything from your phone to your car to MY coffee. This is the basis for our discussion this week!

Choose an article on a topic (product/good/service) that affects your daily life. Briefly tell us what your article is about. Which aspect of the article’s discussion affects your daily life? What factors do you think are influencing the supply and demand of the product/good/service that is the subject of your article? Include the URL of the Web site where you found the article, so your classmates can access it.

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In order to receive full credit for this assignment, you must first post your own response to the question(s) above by Friday, April 5 at 11:59pm ET. You then must comment meaningfully on at least two classmates’ posts by Sunday, April 7 at 11:59pm ET.

This assignment is worth a total of twenty five (25) points — 15 possible points for your original post, and up to 5 points for each of the two responses to your classmates’ posts. Please reference our Discussion Rubric for more information, and to this guide from MSSU to learn more about what it means to respond meaningfully to a classmates’ post.

• This topic was modified 10 months, 1 week ago by Brielle Buckler. Reason: Republish & updated dates
• This topic was modified 10 months, 1 week ago by Brielle Buckler. Reason: Updated Links

[Robert Birch]

https://www.businessinsider.com/apple-new-ai-realm-resolution-conversation-understands-context-2024-4

My article is about Apple’s new AI development called ReaLM, which hopefully will improve virtual assistants like Siri by better understanding on-screen content and conversational context. When asking Siri for directions or information about a specific location, ReaLM can better understand the context of your request, making it easier to get directions. With a better understanding of context, ReaLM could provide more accurate and personalized recommendations for NYC-based restaurants, events, or services. Lastly, ReaLM’s ability to get information from on-screen images could help me quickly access data, such as phone numbers or tables, without manually searching for it.

Several factors are influencing the supply and demand of AI-powered products/services, particularly in light of the current AI boom.

• Increasing demand for personalized and efficient experiences: As people become more reliant on technology in their daily lives, there is a growing demand for AI-powered solutions that provide tailored and streamlined access.
• Competition among tech giants: The AI boom has led to intense competition among companies like Apple, Google, Microsoft, and Amazon to develop and improve their proprietary AI, driving innovation and investment in the field. The vast amounts of data generated by users’ interactions provide the data required for training.

[Njie Audate]

Hi Robert! I really enjoyed reading your article about Apple’s new AI Development I think it was very informative. It’s cool to see that Apple is making innovating move with the RealLM AI but I can’t help but wonder what will these technical advicments cost us? Will it cost us our privacy, our data? As AI gets more involved in our daily lives, we have to be more aware with what’s going on with our personal information. Apple and all these other companies need to make sure that they’re keeping our privacy secure while developing these new AI models. It’s really important that we have control over our data and how it’s used, especially as AI becomes part of our daily routines.

• This reply was modified 9 months, 2 weeks ago by Njie Audate.

[Gabrielle P]

Thanks for sharing this article! Its fascinating to see how AI is evolving to understand context better. However, how much are tech company’s entrenching on our privacy to improve the technology? Its truly a catch 22.

The demand for AI innovation is growing, so I’m interested to see how this drives innovation moving forward.

[Joshua]

https://www.google.com/amp/s/www.foxnews.com/us/demand-digital-services-gives-rise-hyperscale-data-centers.amp

The article I chose, is based on the surging demand for data centers. Which are crucial for the performance and efficiency of the internet and other digital infrastructure aspects, which we use every day. These centers are what store the insane amounts of data produced by us, the consumers. Essentially, data centers allow the internet and technologies we heavily rely on to function properly and without issues. From the article, what affects myself directly, is the growing concern that demand for data centers can’t be met. If that were to continue the internet and other digital services won’t be able to function properly. Like eveone else, I won’t be able to take my classes and do my work if the internet were to be preforming poorly. I won’t be able to communicate with my family or anyone else if service providers aren’t able to have functioning servers. I won’t be able to do and know many things if the digital connection is to be broken or damaged. It may not seem serious at the moment, but if the damage that is considered the worst case scenario, were to be made a reality. Then our infrastructure as a whole would be in danger of collapsing. As per the factors that have greatly influenced the supply and demand of data centers. It would be the federal government, and big business or corporations. Mainly because these two entities are what control the majority of our infrastructure. They determine how our nation is connected and how that connection performs. The federal government needs these data centers, in order to understand the condition of our nation, our economy, our environment. That information is valuable because it will determine what technologies need to be developed and implemented to further our nation in terms of overall capabilities. While corporations require these data centers for similar reasons. They crave expansion and growth in their own way, and these centers are a means to an end. As for the rest of us, we have little say because we are simply consumers. It isn’t up to us and frankly it never will be. We can just hope that as the majority, that we won’t be completely screwed over by the decisions these two titan entities make.

[Robert Birch]

Response

Hi Joshua, you raise some good points as it’s definitely concerning that the rate for these data centers is exceeding power available in certain regions. I googled a few of the top data center companies in America, and interestingly, I see many data center operators investing in more efficient cooling technologies that would help make growth more sustainable. I think most energy issues on such a vast scale would require close collaboration between tech companies and policymakers to forecast what consumers will need so they can proactively upgrade the infrastructure.

[Jaquille Brian]

https://www.voanews.com/a/botswana-leads-calls-on-g7-countries-to-review-diamond-tracking-initiative-/7558038.html

 

The article I picked highlights the current diamond trade and the new initiative placed to stop the movement of Russian mined diamonds and how it is affecting African nations. The Group of Seven placed a new initiative that requires all diamond producers to route stones to Belgium so they can certify the country of origin is not Russia. This new control is in efforts to stop a vital source of revenue as the G7 feels Russia will use this revenue to finance the war against Ukraine. These African nations are now writing letters to the G7 in hopes the new initiative can be reversed as they are seeing additional cost, time, delays and risk to route stones to Belgium for certification instead of directly to customers.

 

This affects my daily life as being an individual that works within the diamond industry there is now an abundance of stones that can’t be routed due to this new initiative taking place. This not only stops the flow of new stones entering the United States but also the flow of any stones that were already here within the US before the initiative took place. Besides the G7’s input and new direction the political climate between Russia and Ukraine is overall affecting the supply of diamonds worldwide and affecting the clientele of the African nations such as Botswana and Namibia. It is also safe to add that not only is the country of origin important when it comes to these stones but also if a stone was polished by Russian vendors the stone will still be restricted from the open market.

[Ajalicia Harper-Greenidge]

I chose to pick a topic about mental health the article is about the company Talkspace which is an online app for therapy. This article is geared towards teens in NYC who now have free access to online therapy due to the CDC stating there is an increase “42% of U.S. teens have reported persistent feelings of sadness and hopelessness, and 22% have seriously considered attempting suicide”. Jon Cohen who is the CEO of Talkspace partnered with DOHMH and Mayor Adams to better the health of teenagers ages 13 to 17 years old to ensure they shouldn’t feel as if they’re alone.

This article and topic are impactful to me because I live in NYC and I do think mental health is very important it is always good to talk to someone about your problems whether their big or small because you never know what someone else is going through one thing can change a person life and why not change it for the better

https://www.fiercehealthcare.com/digital-health/talkspace-inks-26m-contract-nyc-provide-free-mental-health-services-teens

[Joshua]

Hello Ajalicia. Firstly I can understand your concern for tools related to mental health being made available, not only for teens but for any and all who struggle. While Talkspace is a for-profit business, it can’t be overlooked that their services can alter the lives of people for the better. Mental health is real, and our minds are the core of humanity, it’s what has helped our civilization progress and function. If we are to neglect such an important aspect of ourselves as living beings. Then we have failed ourselves, we have failed humanity. At the end of the we aren’t invincible, we get hurt, we feel, we experience. Mental health support should be readily available for all, regardless of circumstance. A question I do have is, how would education of mental health concerns work? It isn’t only a matter of making these resources available, it’s also about how to bring the attention of the public and make them understand how concerning mental health related problems are.

[Njie Audate]

Hi Ajalicia, It’s great to hear about a free online platform that provides therapy for the youth in New York City. like you I also believe that mental health is super important, especially since teenagers are already at that age where their hormones are running rapid and they may not fully comprehend certain emotions that come up. New York City is also a very intense place to grow up in, therapy would be something that can guide them through this stage in their life. I find amazing how Jon Cohen and Talkspace teamed up with the city to help out our youth. Personally I know a lot of young people in our city that could benefit from using resources like these. Therapy this is something that’s not readily available to everyone specially low income families in NYC. Programs like Talkspace would be a big help for these communities. Thank you for sharing this article and your thoughts.

[Elizabeth Hernandez]

Reading this article was interesting as I agree that therapy should be available for everyone. With everything going on in the city and with the current events of the world, I can imagine how it can impact someone with depression and anxiety. Now that therapy is becoming available online, it can easily be available for anyone who doesn’t have the time to go to an office or any sessions. Anyone can work their therapy sessions into their schedules. It also helps anyone who suffers from anxiety about going to a therapy office. I’m happy that a program like Talkspace is being invested into more.

[Jason Ragland]

Hi Ajalicia, It’s great to hear that NYC is partnering with Talkspace to offer teens a much needed service. Thank you for sharing this topic because I did not know this type of service was being offered by NYC prior to reading your post today. This program is addressing two of the main issues in my opinion that I see surrounding mental health. The negative stigma that has been attached to asking for help over the years, some have viewed this as weakness for some reason. It also addresses the access to services issues by providing the much needed service to teens at $0 cost. The added benefit of the service being confidential and available to teens 24hrs a day is significant as well. It allows the teens to get the care when they need it without any delay.

[Gabrielle P]

Thanks for sharing this article! The accessibility of therapy is so important, given the alarming statistics about teen mental health. I think its really beneficial that more people are having conversations about therapy in an effort to destigmatize and spread awareness.

I agree you never know the impact a conversation can have on someone’s life.

[Aramis Ortiz]

https://www.eia.gov/energyexplained/gasoline/price-fluctuations.php

The article I chose is about gasoline prices and the reason that they are constantly fluctuating. Gasoline and other fuels, such as diesel, are made from oil through the refining process. The main thing that affects gasoline prices are crude oil prices, as well as how much gasoline is available to meet the demand. Prices can change at a very fast rate if there is something disrupting crude oil supplies. Although oil prices may be stable, gasoline prices can still fluctuate due to seasonal changes in demand. The price for oil is set by buyers and sellers reacting to the principle of supply and demand. The price is higher when demand exceeds supply and lower when there is more supply available than demand.

This affects daily lives because people need gasoline for transportation. High gas prices have major impacts on families as it is another expense they must worry about. When supply and demand are causing either very high or low prices, this means that the market is unbalanced. One of the reasons for the current imbalance is the pandemic. Covid led to a dramatic drop in demand for gasoline since people all around the world couldn’t travel. The shipment of goods was reduced as well. Even after the pandemic supply was still being impacted. One example is the Ukraine invasion, which resulted in restrictions on Russian oil supply.

[Joshua]

Hello Aramis, from your analysis and the article it’s clear the concerns that arise from fluctuating gas prices. Like you mentioned it isn’t only families that are affected by these rises and dips. Simply because our world, economy, and other elements of our infrastructure are fueled by gasoline. It’s used for travel, for trade, for technologies to operate, for businesses to function, and much more. What we can really do as consumers, is to pay attention to the supply of gasoline. While we can’t control the price and extraction of this precious resource. We should be made aware, the supply isn’t infinite, and it isn’t the only source of fuel or energy we have. Being too reliant on gas will certainly have negative implications for the years ahead. A question I do have is, If we can’t do much about the rising and dropping prices of gasoline, then what energy alternative can we focus on and fully develop to the point of worldwide usage? At the end of the day, gasoline is only one way to power our world, looking for a failsafe will only benefit everyone, everywhere.

[Roaa]

Hello Aramis, thank you for touching on this topic. I appreciate it because this is something that I can relate to in my own experiences with gas prices going up.  I don’t think that most Americans think about how much work goes into crude oil production. If there is a small amount of gasoline that is available, then how are we going to meet the demand at a high? The demand will change since the supply changes. If there is higher access to gasoline, then the price will be lower because there is easy access to the supply. Easy access is not worried about how hard it is going to be to get the supply and whether it not there is enough money for the supply. A personal story that I would like to share was when I lived in Pennsylvania. I live in the top of the mountains of the Poconos and getting gas was very difficult. Finding jobs during this time was very difficult as well. In Pennsylvania, the snow is extremely hard to handle, especially in the mountains so I had to drive a 4-wheeler which was big and needed 60 dollars gas a week. This was so I could be in my day-to-day activities.  the high prices did affect weekly budgeting just due to the gas prices. Where I was in Pennsylvania, I needed a car to get everywhere and any. What I needed wasn’t within walking distance, so I was one of many people where the inflation of gas prices affected my day-to-day life. Thank you for touching on this topic, and going into detail on the major impact that the high gas prices had on families around the world.

[Emmalyn]

Hi Aramis,

You’re definitely right that within our own localized communities, we’re very much impacted by the costs of oil. When the majority of Americans live paycheck to paycheck, having the additional unpredictable cost of gas prices can certainly be burdensome. I agree with Roaa that these gas price increases are much more noticeable in communities that are car-dependent, and I’d argue that outside of NYC (and debatably parts of Boston and Chicago and San Francisco), much of the U.S. is car-dependent. Even beyond the costs of gas at the gas station, if we look at our national government we can see how there have been various policies and agreements made (or left) in different administrations. What these administrations have chosen to enforce or enact on a more global level is very much affected by their desires of what they think it looks like for the U.S. to have more access to obtaining and/or controlling oil, trading and commerce.

[Roaa]

https://www.jpmorgan.com/insights/global-research/commodities/gold-prices#:~:text=Economic%20and%20geopolitical%20uncertainty%20tend,and%20times%20of%20geopolitical%20stress.

The article I chose to talk about is gold being in high demand. Investing your money is one of the most smartest things to do, if anything the smartest especially during these times. Gold personally affects my daily life. I wear as accessory but also If something were happen I would know that I would be able to sell It.

Although gold isn’t used in  our day to day materials according to J.P. Morgan, it “…still appears quite rich to underlying rates and foreign exchange (FX) fundamentals..”(J.P. Morgan). based off the stats that was shown in the article, we see why the investors expect the price of gold to rise. This indeed does create capability for the investors through the purchasing of gold. inflation is something that hit the majority of us, so why not slowly invest in a profit that will only rise in value in the future. What if you were in the position where you have to sell it. the factors what’s causing this demand Is the uncertainty that investors have for their future and the factors that plays into the supply are the mine production, recycling, the new discoveries of gold deposits.

Briefly through this article, we are able to see that the prices of gold did reach an all time high, and when they are also expected to dip. We are introduced to the reasons why investors are investing in gold and what the outcome from it is. we also see the cooling inflation which inflation has affected not just Americans but other countries as well. This website provided proof  and numbers as to how much the gold is going to raise by along when the dip will be.

• This reply was modified 9 months, 2 weeks ago by Roaa.

[Robert Birch]

Hi Roaa,
One of the first things I noticed in the article you pointed out is that, interestingly, gold’s unique status is due to it’s intrinsic physical characteristics as well as it’s ability to hold value even when other markets are volatile. As noted, investors’ expectations are helping drive demand for gold, especially during times of economic uncertainty like the inflationary period we’ve been experiencing. Gold was also in high demand during the COVID-19 pandemic as investors rushed to preserve their wealth but as we have seen when mining companies face challenges, such as labor disputes or declining ore grades, it can decrease gold supply, raising prices even higher.

[Elizabeth Hernandez]

https://technologymagazine.com/articles/adobe-report-highlights-growing-gen-ai-adoption

I chose an article based on Adobe becoming more invested in AI programs. The article talks about how businesses and consumers are becoming open to the use of AI for either personal or commercial use. According to the article, over 53% of consumers have used AI for bots, coding, or image creation. With each coming year, more consumers will begin to use the program, slowly replacing human creativity. A section of the article also goes over how businesses favor AI-generated bots more as they help with customer interaction and better customer service.

I see AI as both good and bad as it can help with customer service and better assist any interested customer for any business, but as an artist, it can lower the demand for us. I am studying to be an animator/designer and I am interested in working for animation/movie studios and with the rise of AI, it can affect many artists’ livelihoods including mine. Some businesses are going more towards AI than hiring a designer/artist. Personally, AI can’t compete with the uniqueness of each artist’s creativity. With even Adobe supporting the use of AI, more people are going to go towards it. I also found it a bit ironic as Adobe has many programs that artists use for their businesses and services, but recently also innovated one that can destroy creativity.

[Aramis Ortiz]

Hi Elizabeth,

I found the article you chose to be very interesting. AI is a hot topic right now as it is currently taking over. I like that in your response you mentioned both sides, explaining the pros and the cons of AI. I feel like many people don’t think about it from an artist’s perspective, but they should. A strong statement you made was “AI can’t compete with the uniqueness of each artist’s creativity.” In the article it stated, “consumers are excited about the future possibilities of how Gen AI come to life to help them.” It really makes you think about what else these AI programs are going to have the ability to do in the future.

[Emmalyn]

Hi Elizabeth,

The article that you chose is very interesting. I’m glad that at least 72% of Americans don’t believe that AI can replicate the creativity of humans, and am very much in agreement with that. I also don’t personally understand (I do, it’s generally greed) why people would desire to take out the humanness of various art forms when that’s a part of what makes the art so interesting. That’s really cool you’re studying to become an animator! Animation is a very beautiful and fun way of expression, and animated movies are some of my favorite ones. I agree it’s very ironic it’s Adobe supporting the use of AI when they have several different programs they sell to artists. It makes me think about how often the people who are at the “top” of companies providing services and programs can sometimes become disconnected from their audience, or even just completely misunderstand the audience they claim to service.

[Njie Audate]

https://www.pewresearch.org/short-reads/2020/11/11/many-publics-around-world-doubt-safety-of-genetically-modified-foods/

The article “Many publics around world doubt safety of genetically modified foods”  explores the safety concerning genetically modified food [GMO] foods. The part of the discussion that affects my daily life would it be how there is a lot of uncertainty surrounding GMO foods and the consumption of it. As a consumer myself I come in contact with GMO foods all the time at grocery stores and restaurants. I also come in contact with adds discussing health issues that GMO Foods are hypothetically linked to, intern I’ve developed a negative view around these types of foods. Personally I think they are unsafe for me to consume.

There are several factors that influence the supply and demand of GMO foods. The customers perception plays a significant role. According to the article you will notice that there are widespread doubts about the safety of GMO foods which leads to a lower demand for such products especially in other countries like. Furthermore other countries have certain policies and requirements in place that I can also impact the supply and demand dynamics. strict regulations may affect the production and distribution for GMO foods, altering their availability and consumer preferencet.

 

• This reply was modified 9 months, 2 weeks ago by Njie Audate.

[Jason Ragland]

https://www.wnypapers.com/news/article/current/2024/03/04/158971/hochul-federal-approval-to-expand-access-to-high-quality-affordable-health-insurance

The article I chose is about expansion of the NYS Essential Plan Income Levels. The Essential Plan(EP) is a public insurance plan introduced in 2015 by the State of New York to insure individuals who do not meet the income requirements for traditional Medicaid. Prior to April 1, 2014 the Federal Poverty Level to qualify for the EP was set at 200% in NYS. This meant the income eligibility requirement for a single adult was capped at 30,120 and $62,400 for a family of four.

The expansion of the income eligibility requirements up to 250% will assist up to 70,000 New Yorkers with gaining access to affordable healthcare. This is estimated to save on New Yorkers $4,700 on average annually which can be directed to other needs.

[Ajalicia Harper-Greenidge]

Hello Jason,

Great job on your response I found the article interesting and healthcare is important to the economy since it ensures the safety of our loved ones

[Gabrielle P]

Article Summary: The article I choose from the Wall street Journal titled “Remote Work Is Reshaping America’s Urban Geography” which discusses the profound impact of remote work on housing demand in the United States. The article highlighted how the shift to remote work, accelerated by the COVID-19 pandemic, has led to a significant increase in demand for housing in suburban and rural areas compared to city centers. This shift is attributed to the newfound flexibility remote work offers, allowing individuals and families to seek more affordable and spacious housing options outside of expensive metropolitan areas.

Impact on Daily Life: This article resonates deeply with me as I have experienced firsthand the effects of the remote work trend on housing availability and pricing. As someone who transitioned to hybrid work during the pandemic, I found myself reconsidering my living situation and exploring options outside of the city to accommodate my evolving work-from-home lifestyle. I moved out of the city despite the longer commute because I wanted more space and to be closer to nature. With a hybrid work schedule having a longer commute a few times a week was worth it from what I would gain . However, the increased demand for housing in suburban areas also impacted the availability and affordability of apartments during my search.

Factors Influencing Supply and Demand: Several factors contribute to the shift in housing demand observed in the article. Firstly, the widespread adoption of remote work has liberated individuals from the constraints of proximity to office locations, allowing them to prioritize other factors such as affordability, space, and quality of life when choosing a place to live. Additionally, the desire for more space and access to outdoor amenities, fueled by prolonged periods of lockdowns and social distancing measures, has driven demand for suburban and rural housing. On the supply side, limited inventory and challenges in new construction have constrained the availability of housing in these areas, further exacerbating the imbalance between supply and demand.

Link to Article: https://www.wsj.com/articles/how-remote-work-is-reshaping-americas-urban-geography-11614960100

[Aramis Ortiz]

Hi Gabrielle,

I like the topic you chose to write about as it is something many people went through due to the pandemic. I have some family members who have had to transition into remote work from home. Just like you, some considered moving out of the city because it wasn’t necessary for them to live there anymore. You did a great job summarizing the article and describing how exactly it impacted your life, as well as how it impacted the demand for housing.

[Jason Ragland]

Hi Gabrielle,

Great topic. I just recently transitioned to hybrid work and I’m currently reconsidering my living situation due to the high rent and high crime. The issue I’m having like most is the supply is not meeting the demand which in turn is inflating the prices where ever I look. This article and your summary has given me a better understanding of what I’m up against. Thank you

[Emmalyn]

Choose an article on a topic (product/good/service) that affects your daily life. Briefly tell us what your article is about. Which aspect of the article’s discussion affects your daily life? What factors do you think are influencing the supply and demand of the product/good/service that is the subject of your article? Include the URL of the Web site where you found the article, so your classmates can access it.

I chose an older article written by a student at The New School that speaks on the cost of dance classes and the difficulty of balancing the cost of dance in addition to working and being a student. I am in a similar position as the dancers in this article, however, the cost of dance classes now is ~$3 more per class. While I was unable to find a more recent article on this increased cost of class, this is a conversation that has been had amongst dancers now for a couple of years. In 2021, in person classes used to be ~$22/class, whereas now they are $25/class. Previously, one could buy classes in bulk packages which would allow for ~10-15% discount per class (depending on the studio) for buying more up-front. Now, with the current cost of dance classes being $25/class, the class package price is similar to the cost of classes prior to the cost increases.

Many point to lockdown in 2020 as a reason why dance classes now significantly cost more than they once did, and say that studios need to “make up” for their losses during those years. Many also speculate that it could also be a result of mortgage costs and other maintenance costs that come with maintaining a brick-and-mortar multi-studio space. However, although there are studios that have undergone renovations, many dancers wonder at what cost when studios replace expensive marley flooring in their studio only to allow shoes on it that decrease the lifespan of the flooring, or replace older wooden floors with newer, cheap wood that’s noticeably not as durable.

https://www.newschoolfreepress.com/2019/12/22/hurting-yourself-is-another-cost-of-dancing-in-nyc-the-expenses-of-four-aspiring-dancers/

[Claudia Chavez]

My article, “Uber ‘Taking Advantage’ of Unsafe NYC with Astronomical Fares: Outraged Riders,” speaks on the topic of how much Uber has lifted their prices. When I first started my job at ZARA I had 6 am shifts, which meant I had to walk to the train at around 4:50 in the morning. Being the daughter of a very overprotective mother she insisted I take Ubers to the train station, every time I had a 6 am shift. At the beginning of my routine, earlier this year an Uber to the train station would run me about $7.98. In the summer Uber raised the price to $9.87. I would order the taxis very frequently so when I noticed the increase I was very shocked. Now with daylight savings time, I often check outside to see if the sun is rising so I can walk outside rather than spend 10 dollars on a taxi when I could just walk the 9 blocks.  Within the article, the author touches on how prices were increased due to driver shortages,” New Yorkers are fed up with forking over excessive amounts for Uber and Lyft rides, which skyrocketed during the pandemic as a result of a driver shortage, but have remained high even with more employees behind the wheel.” The pandemic had inflation at an all-time high, with people not wanting to work during COVID Uber had to raise prices but they never did drop after that. The article also gives another reason as to why Uber raised their prices, “As gas prices surged 18.3% for March, Uber announced a temporary surcharge for US customers…of either 45 cents or 55 cents per trip, lasting for at least 60 days.”Gas has gone up a ridiculous amount, I used to fill up my tank with 40 dollars and now I need at least 60. An employee of Uber spoke to The Post, stating, “Everything has to do with supply and demand,” the driver said, adding that they have to work more hours to compensate for higher gas prices.” I couldn’t have said it any better. Supply and demand have affected Uber ultimately having to raise its prices. The demand for Ubers is high but with its supply of drivers and employees being low, prices needed to be raised. I need to change my routine and budget more wisely, paying 10 dollars, 5 times a week is not reasonable for me anymore. With today’s economy, a lot of things changed gas prices rising, uber prices rising, and a pandemic that affected people’s employment, supply, and demand impacted my routine as I’m sure it did to a lot more New Yorkers.

References:

https://nypost.com/2022/04/15/uber-taking-advantage-with-soaring-fares-outraged-riders/#

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