Consumers income increases

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Reference no: EM13886826

Assume we are examining the market for luxury automobile in the USA. In separate graphs, graph what occurs when each of the following happens For each graph explain what is happening and why.

Consumer’s income increases.

Subsidies to auto manufacturers are cut 35%.

The price of US luxury automobile increases.

Simultaneously, there is a 25% increases in taxes on US auto manfacturers and a new report is issued by the US Transportation Safety Commission stating that US autos are the safest they have been in history.

Reference no: EM13886826

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