Question: Read and consider the textIn The Newsexcerpt in section 7.3: "The Invisible Hand Can Park Your Car". The law of supply and demand and price effects on producer surplus relate to the trial policy described in the article. Discuss how the principles of economics are seen at work in this article.

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My answer response:In this article, the supply is the on-street parking spots and the demand is premium open spots on the street.Raising the prices for these spots, lowering prices on side street spots, and lowering prices for garage parking opened up more prime spots for people who need them. Also, they cleared up some of the traffic caused by people trying to get these spots when they were cheaper. The principles of economics can be seen in many ways in this experiment. one way is the city is giving up its cheap parking spots and in return clearing up a lot of the traffic downtown. another way is, the people see that parking at a garage or a side street can actually save them more money than parking on the main streets thus benefitting from these new incentives. Electronic meters are playing a very important role. with the meters being electronic, people can pay faster via a card or through a kiosk cutting down on time wasted digging and searching for loose change in the car. another benefit is how easy it is for the city to change prices, cut down on labor time, and save the city even more money. another pro is these meters can monitor the areas busy and non-busy time helping them configure prices that will help everyone.

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