How is the market for gas-guzzlers affected

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Reference no: EM131253073

S&D applications: Describe the correct shift in the S&D graph for each market identified (in bold letters) below:

a. If auto-workers receive a 20%-pay hike, how will the market for new cars be affected?

b. If the teenage population increases, how will the market for rock-music recordings be affected?

c. If cigarette taxes are reduced, how will the market for tobacco leaves be affected? (Hint: Correctly analyze the relationship between cigarettes and tobacco leaves from farms. Then analyze the S&D for tobacco leaves.)

d. When gasoline price rises significantly, how is the market for gas-guzzlers affected?

Reference no: EM131253073

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