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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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