4. Assume the following: Cars and planes are made from steel. (Trains are made of plastic)....

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4. Assume the following: Cars and planes are made from steel. (Trains are made of plastic). *People can travel to work in either cars or trains. * Cars run on gas, trains run on electricity (and planes glide). What impact will each of the following events have on equilibrium price and quantity in the steel, car, gas and train markets? Use new graphs for each event (there should be four graphs for each event). Briefly explain your reasoning by identifying the determinant affected. a. Gasoline producers develop a new process to rejuvenate old oil fields. b. Steel workers unionize and force a wage increase. c. The government establishes a price floor in the steel market. d. Violence on trains increases. e. The government builds a newer and more efficient power plant to generate electricity. f. The government subsidizes the producers of American automobiles 4. Assume the following: Cars and planes are made from steel. (Trains are made of plastic). *People can travel to work in either cars or trains. * Cars run on gas, trains run on electricity (and planes glide). What impact will each of the following events have on equilibrium price and quantity in the steel, car, gas and train markets? Use new graphs for each event (there should be four graphs for each event). Briefly explain your reasoning by identifying the determinant affected. a. Gasoline producers develop a new process to rejuvenate old oil fields. b. Steel workers unionize and force a wage increase. c. The government establishes a price floor in the steel market. d. Violence on trains increases. e. The government builds a newer and more efficient power plant to generate electricity. f. The government subsidizes the producers of American automobiles

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The impact of each event on the steel car gas and train markets a Gasoline producers develop a new process to rejuvenate old oil fields Impact on stee... View the full answer