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Taxi drivers go on strike. (5 marks)   Consider the market for bus service in a city. Explain by using a SKETCH of supply and demand curves, how each of the following actions will affect the market.

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a) Taxi drivers go on strike. (5 marks)

Consider the market for bus service in a city. Explain by using a SKETCH of supply and demand curves, how each of the following actions will affect the market. (Please consider each case separately).

b) Gasoline prices increase. (Hint: The changes for consumers and bus suppliers are in the same magnitude).  (5 marks)

 

c) Half the downtown parking lots are converted to office buildings.  (5 marks)

 
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