the price of SUVs, a substitute-in-production for sedans, has creased over the last year. Show the effect of this event on me market for sedans by shifting the appropriate curve in the raph shown. What is the new price? S What is the new quantity? thousand million Price($thousand) 50 45 40 35 30 25 20 15 10 5 0 10 Market for Sedans 3 4 5 6 Quantity in millions of cars ♡ Supply Dem
the price of SUVs, a substitute-in-production for sedans, has creased over the last year. Show the effect of this event on me market for sedans by shifting the appropriate curve in the raph shown. What is the new price? S What is the new quantity? thousand million Price($thousand) 50 45 40 35 30 25 20 15 10 5 0 10 Market for Sedans 3 4 5 6 Quantity in millions of cars ♡ Supply Dem
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![The price of SUVs, a substitute-in-production for sedans, has
increased over the last year. Show the effect of this event on
the market for sedans by shifting the appropriate curve in the
graph shown.
What is the new price? $
What is the new quantity?
thousand
million.
Price($ thousand)
50
45
40
35
30
25
20
15
10
5
0
0
1
2
Market for Sedans
4
6 7
Quantity in millions of cars
8
Supply
9
Deman
10](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd80ccd3b-f207-4569-a0c9-dab8b67382eb%2Fd4bfd006-fd7f-4b93-a786-8d81550fe2b2%2F1kjay6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The price of SUVs, a substitute-in-production for sedans, has
increased over the last year. Show the effect of this event on
the market for sedans by shifting the appropriate curve in the
graph shown.
What is the new price? $
What is the new quantity?
thousand
million.
Price($ thousand)
50
45
40
35
30
25
20
15
10
5
0
0
1
2
Market for Sedans
4
6 7
Quantity in millions of cars
8
Supply
9
Deman
10
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