Consider the market for minivans. For each of the events listed below, draw a diagram separately to show the effect on the price and quantity of minivans. Please state exactly what will happen to the equilibrium price and quantity. Remember that it is important to identify which side of the market (demand or supply) is affected and what is direction of the shift. Please be clear in your answers. a) People decide to have more children. b) A strike by steelworkers raises the price of steal. c) Engineers find a new automated machinery. d) The price of midsize cars increases. e) A stock market crash lowers people's wealth.
Consider the market for minivans. For each of the events listed below, draw a diagram separately to show the effect on the price and quantity of minivans. Please state exactly what will happen to the equilibrium price and quantity. Remember that it is important to identify which side of the market (demand or supply) is affected and what is direction of the shift. Please be clear in your answers. a) People decide to have more children. b) A strike by steelworkers raises the price of steal. c) Engineers find a new automated machinery. d) The price of midsize cars increases. e) A stock market crash lowers people's wealth.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 3PA: Consider the market for minivans. For each of the events listed here, identify which of the...
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