Consider the market for minivans. For each of the events listed below, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply is increased or decreased. Then show the effect on the price and quantity of minivans. (7.5 marks)
i. People decide to have more children.
ii. A strike by steelworkers raises steel prices.
iii. Engineers develop new automated machinery for the production of minivans.
iv. The price of SUVs rises.
v. A stock market crash lowers people’s wealth
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