Describe if the demand for the following products is price

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Reference no: EM1365396

Demonstrate, using supply and demand analysis, the impact on the equilibrium price and quantity of new Hybrid automobiles when the following occurs. Tell me which curve shifts. Is the equilibrium price higher, lower, or is the change indeterminate? Is the equilibrium quantity higher, lower, or is the change indeterminate?

a. Incomes increase

b. Interest rates decrease

c. The price of batteries used in the production of these vehicles decreases.

d. The price of gasoline decreases

Describe if the demand for the following products is price elastic or price inelastic, and explain your answer.

a. Box of cereal sold in a grocery store

b. Gasoline as a commodity

c. Gasoline sold at a local gasoline station

d. Fast food sold at a restaurant

e. Hotel rooms for people planning a vacation

f. Hotel rooms for people on business to meet an important client

g. Clothes sold in a discount retailer

Reference no: EM1365396

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