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Read and consider the text In The News excerpt in section 7.3: "The Invisible Hand Can Park Your Car".
Discuss
the law of supply and demand and price effects on producer surplus relate to the trial policy described in the article.
how the principles of economics can be seen at work in the article.
The role that technology and data play in the policy
Verified Expert
The primary purpose of the paper is to demonstrate the effect of the law of supply as well as demand and price on the producer surplus in relation to the trial policy as discussed in the chosen article. After reviewing the article it is analyzed that the law of supply and demand and price provide positive impact on the producer surplus in relation to the policy.The change in price system of the parking space has created this positive impact on the producer surplus. Besides this, the paper will also demonstrate the impact of principles of economies in accordance to the chosen article. It is seen that the principles of economies help the government of San Francisco to increase their parking space for the common people. Furthermore, the paper will also demonstrate the role of data and technology that described in this article.
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