The accompanying diagram shows the demand and supply curves for taxi rides in New York City. Price (dollars per mile) $5.00 3.50 2.50 1.83... 1.30 - 0.50 - 0 240 400 600 (after DUber) D 1,200 840 Quantity of taxi rides (millions of miles) Due to Uber's entry, how much did the producer surplus decrease by? (Please round off all numbers to two decimal places and do not write 'million' in the answer. e.g if your answer is 20 million, just write 200 in the box below)

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Market Surplus and Shortage Analysis

In everyday language, a “surplus” indicates that there is an excess of something, while a “shortage” means that there is a scarcity of it. In economics, “market surplus” refers to the condition where the quantity of a certain good more available than what is required or “demanded” by the market. In the same way, a “market shortage” refers to the condition where the quantity of a certain good is less available than what is “demanded” by the market. If quantity in demand is written as Qd and quantity that is supplied is written as Qs, then, the condition Qs > Qd indicates market surplus and condition Qd > Qs indicates market shortage.