14. Determinants of Supply and Demand Consider the market for minivans. Assume minivans are a normal good. For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because it creates only a supply change, select the "None" option under the "Demand Determinant" column. Similarly, if supply is unaffected by this event because it creates only a demand change, select the "None" option under the "Supply Determinant" column. Event People decide to have more children. A strike by steelworkers raises steel prices. Engineers develop new automated machinery for the production of minivans. The price of sports utility vehicles rises. A stock-market crash lowers people's wealth. Demand Determinant Supply Determinant
14. Determinants of Supply and Demand Consider the market for minivans. Assume minivans are a normal good. For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because it creates only a supply change, select the "None" option under the "Demand Determinant" column. Similarly, if supply is unaffected by this event because it creates only a demand change, select the "None" option under the "Supply Determinant" column. Event People decide to have more children. A strike by steelworkers raises steel prices. Engineers develop new automated machinery for the production of minivans. The price of sports utility vehicles rises. A stock-market crash lowers people's wealth. Demand Determinant Supply Determinant
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Determinants of Supply and Demand
Consider the market for minivans. Assume minivans are a normal good.
For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because it
creates only a supply change, select the "None" option under the "Demand Determinant" column. Similarly, if supply is unaffected by this event
because it creates only a demand change, select the "None" option under the "Supply Determinant" column.
Event
Demand Determinant
Supply Determinant
People decide to have more children.
A strike by steelworkers raises steel prices.
Engineers develop new automated machinery for the production of
minivans.
The price of sports utility vehicles rises.
A stock-market crash lowers people's wealth. Show the effect of the following event on the market for minivans: People decide to have more children.
(?) Show the effect of the following event on the market for minivans: A strike by steelworkers raises steel prices. Show the effect of the following event on the market for minivans: Engineers develop new automated machinery for the production of
minivans.Show the effect of the following event on the market for minivans: The price of sports utility vehicles rises.
Transcribed Image Text:14. Determinants of Supply and Demand
Consider the market for minivans. Assume minivans are a normal good.
For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because it
creates only a supply change, select the "None" option under the "Demand Determinant" column. Similarly, if supply is unaffected by this event
because it creates only a demand change, select the "None" option under the "Supply Determinant" column.
Event
People decide to have more children.
A strike by steelworkers raises steel prices.
Engineers develop new automated machinery for the production of
minivans.
The price of sports utility vehicles rises.
A stock-market crash lowers people's wealth.
Demand Determinant
Supply Determinant
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