Question: 1. Problems and Applications Q3 Consider the market for gas-powered small cars. Assume gas-powered small cars are a normal good. For each of the

1. Problems and Applications Q3 Consider the market for gas-powered small cars.

Assume gas-powered small cars are a normal good. For each of the

following events, identify which of the determinants of demand or supply are

affected. If demand is unaffected by this event because it creates only

a supply change, select the None option under the Demand Determinant column.

Similarly, if supply is unaffected by this event because it creates only

1. Problems and Applications Q3 Consider the market for gas-powered small cars. Assume gas-powered small cars are a normal good. For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because it creates only a supply change, select the None option under the Demand Determinant column. Similarly, if supply is unaffected by this event because it creates only a demand change, select the None option under the Supply Determinant column. Event People decide to have more children. The price of electric small cars falls. The discovery of a new source of iron ore lowers steel prices. An economic recession lowers people s wealth. A number of major car dealers decide to switch from selling gas- powered cars to selling electric cars. Demand Determinant Supply Determinant Show the effect of the following event on the market for gas-powered small cars: People decide to have more children. Price of Gas-powered Small Cars Supply Demand Quantity of Gas-powered Small Cars Demand Supply ? Show the effect of the following event on the market for gas-powered small cars: The price of electric small cars falls. Price of Gas-powered Small Cars Supply Demand Quantity of Gas-powered Small Cars Demand Supply (?) Show the effect of the following event on the market for gas-powered small cars: An economic recession lowers people s wealth. Price of Gas-powered Small Cars I Supply Demand Quantity of Gas-powered Small Cars Demand Supply Show the effect of the following event on the market for gas-powered small cars: A number of major car dealers decide to switch from selling gas-powered cars to selling electric cars. Price of Gas-powered Small Cars Supply Demand Quantity of Gas-powered Small Cars Demand Supply Show the effect of the following event on the market for gas-powered small cars: The discovery of a new source of iron ore lowers steel prices. Price of Gas-powered Small Cars Supply Demand Quantity of Gas-powered Small Cars Demand Supply

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