In terms of variation in data, averages that are derived from scores with low variability are more reliable than averages based on scores with high variability. For example, if in the last 20 games, Manchester United have scored goals ranging from 3 to 5, it will be easier to predict that they will score 3 or 4 goals in their next game. On the contrary, if their goals range from 0 to 7. Deciding on the next game will be more difficult.
Answer: Supply will increase and the equilibrium price will decrease.
The influx of taxi drivers will significantly increase because there's no longer regulation that will prevent people from becoming taxi drivers. This will make supply exceed demand thereby the equilibrium price of taxi fare will decrease.
