In the market for ride shares Uber and Lyft are dominant

Last updated: 9/22/2023

In the market for ride shares Uber and Lyft are dominant players representing a snapshot of the gig economy that we are currently living in Prior to these companies ride share market was predominantly dominated by taxis This case study discusses the ride share market being transformed by Uber and Lyft and the impact of the COVID 19 pandemic on this market and on these individual companies Using demand and supply theory discuss the impact of Uber and Lyft on the ride share market and taxi market Did the entry of these firms improve or hurt consumers What about the taxi companies and taxi drivers A recent CNBC article reported how Uber and Lyft rides are currently more expensive than pre pandemic levels Between January 2018 and July 2021 average price for an Uber Lyft ride increased by 92 Evans 2021 Using demand and supply theory discuss why average prices increased so much Make sure to use graphs to illustrate your hypothesis What is a key input of production for Uber and Lyft Uber Lyft also do food delivery services something that taxi companies do not do How would this additional service feature affect Uber and Lyft profitability assuming that output for profitability is number of deliveries an average Uber Lyft driver makes