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Imagine a minivan market. For each scenario below, explain what determinants of demand and supply will be affected. Then determine whether demand or supply increases or decreases. Then draw a diagram to show the effect on the minivan price and quantity. a. The community decided to have more children. b. Steel industry workers strike to raise steel prices. c. Engineers make automatic machines to manufacture minivans.

Imagine a minivan market. For each scenario below, explain what determinants of demand and supply will be affected. Then determine whether demand or supply increases or decreases. Then draw a diagram to show the effect on the minivan price and quantity. a. The community decided to have more children. b. Steel industry workers strike to raise steel prices. c. Engineers make automatic machines to manufacture minivans.

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
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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2. Imagine a minivan market. For each scenario below, explain what determinants of demand and supply will be affected. Then determine whether demand or supply increases or decreases. Then draw a diagram to show the effect on the minivan price and quantity. a. The community decided to have more children. b. Steel industry workers strike to raise steel prices. c. Engineers make automatic machines to manufacture minivans. d. The price of sports utility vehicles (SUV) increases.
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