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Marker Equilibration

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Market Equilibration Process Paper
Marlene Toadlena
ECO 561
March 02, 2015
Genevieve Turano

Market Equilibration Process Paper
During Hurricane Sandy, the city of New York experienced price gouging by merchants due to the increase in demand for many products. The supply is limited; therefore, many merchants decided they would be able to capitalize on the needs of the consumers. However, during the storm, public transportation was limited, and the buses weren't running due to the cost of fuel, trains, and the subways were at a standstill due to the flooding. Uber, a car service company, came into the picture for transportation. This paper will show how the demand and supply of transport services were affected by Hurricane Sandy, during a time of disaster, and how the consumers reacted to the changes in prices.
The Law of Supply and Demand Maddalena (2012) states, “It is all a matter of supply and demand and what happens when one or both are disrupted from their normal point. When a market is functioning normally supply and demand intersect at a point (called the equilibrium point) which bases the best price that the market is willing to pay as well as the best quantity that the market will provide. When a market is disrupted due to some external event, supply and demand can change causing a new equilibrium point and a new price and quantity” (Maddalena, 2012). With the events taking place during Hurricane Sandy, the Uber transportation company took advantage of the consumers by surging their prices for services rendered. Surge pricing by definition means, the cost of a single ride can reach as much as seven times the normal rate. Due to the demand by consumers, Uber intentionally raised prices because they were the only company available to provide transportation. The supply of drivers needed were the reason the prices were surged, in order to meet the

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