Effect on the price and quantity of minivans

Reference no: EM13159351

Consider the market for minivans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw the diagram to show the effect on the price and quantity of minivans.

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 sport utility vehicles rises.

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

Reference no: EM13159351

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