Week 10 HW

Throughout the week, we learned about price floors (such as minimum wage, where the government sets a specific price and prices cannot go below that, though to be effective it must be placed above equilibrium, which creates surpluses) and price ceilings (such as Rent Control, placed below equilibrium in order to keep prices from rising to a point where they're affordable to most people, which creates shortages). We also expanded on the idea of how prices are created in any market, specifically the free market. On Friday, we worked on our Rockonomics project.

When adding UBER into the equation, the demand for taxis will decrease because the prices of UBER are lower, and the supply of taxis will stay the same, thereby lowering the equilibrium. This will affect taxi companies by forcing them to lower prices in order to compete with Uber, which results in less taxis going around.

Another FF topic I would like to cover what it costs to have children -- both opportunity costs and literal costs.