Question: 2 . Recall the Uber dynamic pricing model that we discussed in the class. We have discussed in detail the steps that market for Uber
Recall the Uber dynamic pricing model that we discussed in the class. We have discussed in detail the steps that market for Uber rides changes when an event such as an end of a soldout concert that create surge period happens. Please explain in detail using the same kind of graph that we used in the class what happens when the surge period is over and Uber goes back to charging the regular offpeak price for its rides. Make sure to show all the changes in supply, demand, and equilibrium price and quantity of the rides on the graph. Make sure to explain which side of the market represents supply and which one represents demand on this market.
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