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Determinants of demand or supply are affected

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Reference no: EM133313909

Consider the market for minivans. For each of the events listed here, identify THE FOLLOWING:

1. Which of the determinants of demand or supply are affected.

2. Also indicate whether demand or supply increases or decreases (for each case).

3. Draw a diagram to show the effect on the price and quantity of minivans for each case

4. Where will the new equilibrium be?

a. People decide to have more children.

b. A strike by steelworkers raises steel prices.

c. Engineers develop new automated machinery for the production of minivans.

d. The price of sports utility vehicle rises.

e. A stock - market crash lowers people's wealth.

Reference no: EM133313909

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