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– Nelson Mandela

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Week 3 Discussion Topic

Week 3 Discussion Topic

Q Understanding the principles of Supply and Demand from the Week 3 Material will be critical this semester. This Discussion topic asks you to apply them in a very relevant local setting: The Tarleton State University campus in Stephenville has been experiencing significant growth in the last 10 years. One of the major complaints on this campus over this time frame is that--"there is never enough parking spaces when I am trying to get to class". • Apply the ideas of Supply and Demand, and Surpluses or Shortages (what situation do we have here?) to the Campus parking situation. • Assume that everyone trying to park on campus has a permit--what does that suggest about the Parking permit price? • Suggest how the University could change Permit Prices, or other Supply and Demand changes to help solve this problem.

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In economics, we study that there is always a concept of supply and demand in the market for goods and services. If the price is above the equilibrium then it tends to fall due to the pressure from excess supply and if the price is lower than the equilibrium then the upward pressure from more demand by buyers increases the price. Demand for parking at the Stephenville campus is on a rise. So we can represent this in a graphical manner where demand for parking lots is increasing while supply remains the same. If we assume that the parking lot would have been priced then the price for the lot or space would have increased as the supply of the space is completely fixed.