The Invisible Hand Can Park Your Car Assignment Help

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 

The Invisible Hand Can Park Your Car

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Introduction

The paper will discuss the effects of the law of demand &supply and price on producer surplus in relation to the policy of parking in San Francisco. It will also demonstrate the principles of economics and the role of data and technology in the given policy, which is discussed in this article.

Effect of the law of supply and demand and price on producer surplus

The article described that searching for a parking spot in San Francisco is a sophisticated approach, and thus, the local government changes the price system of parking so that people can park their car in the allotted space. Due to this reason, the law of supply and demand increased the pricing of the parking space, generally in the most crowded block of the city. This process has lowered the emptiest blocks number, and hence, it creates a massive impact on the producer surplus rate in relation to their trial policy. The change in price system has created a positive effect on the producer surplus, such as it increases parking space for the people who visited the restaurant at the Ferry Building (Velasco and Deniz, 2017). The increase in parking space price help the employees of several companies to park their car in front of their office. Hence, it overall creates a positive impact on the producer surplus relation to the trial policy.     

Principles of economics

The principles of economics that have been demonstrated in this article helps San Francisco to follow the option of decreasing as well as increasing the price of parking space that has enabled the government to improve the parking procedure of the city. Due to the principle, people in San Francisco has now found one available spot for park their car in the chosen place. The principles of economics also help in decreasing the prices of garages and also help the people to manage their parking lots properly(Zheng, Rajasegarar and Leckie, 2015). It also helps in increasing the vacant space of parking in this San Francisco city. With the help of these principles, several benefits have been noticed in relation to the parking space of this city(Alemi, Rodier and Drake, 2018).    

Role of technology and data play in the policy

The article demonstrated that Federal Grant plays an essential role in improving the technology system of a parking process. By improving the technology, the federal grant has installed new meters and parking sensors to track the parked cars spots. The installed electronic parking meter also helps in equilibrating the demand and supply of the car that is parked in the required spot(Djuric, Grbovic and Vucetic, 2016). The role of data is to demonstrate the parking price of the selected spot, and it also helps the social planner to choose their allocated parking spots. Besides this, appropriate data help the sellers and buyers to guides and account the market for improving their economic efficiency(Alemi, Rodier and Drake, 2018).     

Conclusion

The paper concluded that the law of supply and demand provide a positive impact on the producer surplus in relation to the trial policy as described in this article. The principles of economies influence the government to increase their parking space in the city. The data and technology play an essential role to help the federal grant for improving the services of parking space in San Francisco.