Describe the different types of costs to operate as an Uber driver. Categorize the costs by fixed and variable, and then indicate/describe the profit-maximizing condition.

ECO 202 Assessment: Please answer the following questions
in no more than 500 words based on the following posed
Microeconomic concept: Prior to the introduction of Uber, taxi services
were essential city-sanctioned monopolies.
Describe the different types of
costs to operate as an Uber driver. Categorize the costs by fixed and
variable, and then indicate/describe the profit-maximizing condition.
If the price of gas falls what
happens in the market for Uber rides. Consider which curve shifts and the
corresponding change in equilibrium price and quantity.
Compare the equilibrium price
and quantity for a taxi ride in the traditional taxi market relative to if
the market were operated through Uber drivers. Explain the main
characteristics of each market structure.
Do you think that allowing Uber
drivers to operate is beneficial, why or why not?
In answering these
questions, the student should be able to:
Demonstrate the knowledge of
basic elements and concepts of microeconomics.
Identify economic resources and
their use.
Differentiate production under
pure competition, and monopoly but no errors in economic reasoning.

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