A few years ago, the price of New York City taxi medallions hit $1,000,000. What do you think was behind the increases in the price of New York City taxi medallions? Recently, however, the price NYC taxi medallions has dropped to around $200,000. What do you think has contributed to this decline in the price of medallions? Should the city intervene in the market for these medallions? How are tax owners, drivers, and customers may be affected by the medallion price? Be sure to use your knowledge of supply and demand when discussing these questions. Note: Recently as a result of a campaign by NYC taxi owners/companies the City has agreed to place some restrictions on the number of UBER (and LYFT) permits. What do you expect the effect of these restrictions to be on the medallion market?

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The Rise and Fall of NYC Taxi Medallions A DemandDriven Story Price Surge The skyrocketing price of NYC taxi medallions in the early 2000s can be attr... View the full answer