Important you are required to comply with Student Academic Code of C.docx

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Important: you are required to comply with Student Academic Code of Conduct Policy when completing this assignment. Plagiarism, intentional or not, will not be tolerated. Chapter 1 to 3 1. State the six principles of economics we learnt in class. Then read case number one, and explain how it illustrates each of the six principles of economics. Chapter 3 Demand and supply 2. Read case number two and answer the following questions. 1) What accounts for the fact that before Uber's arrival, there were typically enough taxis available for everyone who wanted one on good weather days, but not enough available on bad weather days? Explain briefly and illustrate with a demand and supply diagram; 2) How does Uber's surge pricing solve the problem? Do you agree with Kalanick's claim that the price is set to leave as few people as possible without a ride? explain. 3) Use a supply and demand diagram to illustrate how Uber drivers can cause prices to surge by taking coordinated breaks. Why is this strategy unlikely to work in Toronto, a large city with an established fleet of taxis? 3. Answer the questions below, using an article from a newspaper, magazine, or relevant online source that is about a specific market and that indicates a change in price of the product. Remember to attach original source information
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