Assume that there is a critical shortage of parking space on your campus and subject this “economic problem” to the tolls of supply and demand. What would you recommend to your central administration?

Parking is a perennial problem on college and university campuses. In the short run, the supply of spaces is fixed. Assume that there is a critical shortage of parking space on your campus and subject this “economic problem” to the tolls of supply and demand. What would you recommend to your central administration? Be sure to use a graph to discuss your answer (instead of drawing the actual graph, please explain the graph instead. Explain all the curves, shifts, points and axis, etc).

Expert Solution

Parking is a perennial problem on college and university campuses. In the short run, the supply of spaces is fixed. it means supply is perfectly inelastic therefore it is parllel to y axis . there is a critical shortage of parking space on campus so as a central administration toll should be imposed on the usage of parking space .following graph represent

x axis =quantity.

Rahul Sunny answered 2 years ago

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