Chapter 4 Reflection

     I think that with Uber and Lyft taxi medallions would rise in price because with these services it would be easier for the taxi drivers to get fairs and they would not have to constantly drive around looking for people in need of a taxi. I think this would raise the price for taxi medallions because of the ease of finding customers and saving the taxi drivers from putting numerous miles on their vehicles and along with that the gasoline they burn looking for customers. I believe that the demand for taxis will stay the same. However I think the supply of taxis may go down a little because with the ease of getting a taxi to your location and not needing a lot of taxis in a general area because they can get exact locations for their next customers and when the customer wants them to be at the location.
     One example of a good that changed rapidly was in the mountains they opened a spa shop that sells hot tubs and for the first year or so business was booming. Before their store had opened there was not a store like this in the town or any nearby towns and it encouraged those who had been paying to go to the recreation center to buy their own hot tub instead of paying to use the rec. centers hot tub. However it was a very limited market for those who could afford hot tubs and many found it cheaper to just pay to use the rec. centers hot tub. In the end once people bought their hot tubs they didn't need another one until theirs broke. The store ended up going out of business but in turn it allowed another business to come into town that repairs hot tubs and their business has been able to thrive on fixing household hot tubs.
     AirBnB affects the supply of rooms for rent in San Francisco by the amount that they charge for the room per month. This will determine the demand for the property by who can afford to pay the allotted amount each month. As well they can lower the price of rent which if they had more properties for rent would increase the amount of people who would be able to afford the monthly rent.