In our Uber example, we said that after a spike in demand around Madison Square Garden, the
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In our Uber example, we said that after a spike in demand around Madison Square Garden, the number of Uber rides increased by more than 75% in the surrounding area, but when it starts to rain, Uber rides increase by the still substantial but lesser amount of 25%. Can you suggest one reason why the supply response is different in the two situations?
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The elasticity of supply is probably larger for a surge in a local area than it ...View the full answer
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Rayan Gilbert
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