Consider the market for minivans. For each of the events listed hereidentify which of the determinants of demander supply are affectedAlso indicate whether demand or supply increases or decreases. Thendraw a diagram to show the effect on the price and quantity of miniamsa. People decide to have more childrenb. A strike by steelworkers raises steel prices.c. Engineers develop new stated machinery for the production ofminivans,d. The price of sports utility vehicles risese. A stock market crash lowers people's wealth
Consider the market for minivans. For each of the events listed hereidentify which of the determinants of demander supply are affectedAlso indicate whether demand or supply increases or decreases. Thendraw a diagram to show the effect on the price and quantity of miniamsa. People decide to have more childrenb. A strike by steelworkers raises steel prices.c. Engineers develop new stated machinery for the production ofminivans,d. The price of sports utility vehicles risese. A stock market crash lowers people's wealth
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Consider the market for minivans. For each of the events listed here
identify which of the determinants of demander supply are affected
Also indicate whether demand or supply increases or decreases. Then
draw a diagram to show the effect on the price and quantity of miniams
a. People decide to have more children
b. A strike by steelworkers raises steel prices.
c. Engineers develop new stated machinery for the production of
minivans,
d. The price of sports utility vehicles rises
e. A stock market crash lowers people's wealth
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