4. Consider the market for minivans in Naperville, IL. For each of the events listed below: - identify which of the determinants of demand or supply are affected - indicate whether demand or supply increases or decreases - draw a diagram to show the effect on the demand or supply curve. (Make sure to label the axes.) a. (1.5 pt) People in Naperville decide to have fewer children. b. (1.5 pt) A tornado rips through Naperville destroying the minivan factory.

4. Consider the market for minivans in Naperville, IL. For each of the events listed below: - identify which of the determinants of demand or supply are affected - indicate whether demand or supply increases or decreases - draw a diagram to show the effect on the demand or supply curve. (Make sure to label the axes.) a. (1.5 pt) People in Naperville decide to have fewer children. b. (1.5 pt) A tornado rips through Naperville destroying the minivan factory.

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elasticity And Its Application

Section: Chapter Questions

Problem 4CQQ

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