Question: Please solve this Question 3 (5 marks) Assume that the market for automobiles in the United Arab Emirates is in equilibrium. Using suitable graphs indicate

Please solve this

Question 3 (5 marks) Assume that the market for automobiles in the United Arab Emirates is in equilibrium. Using suitable graphs indicate what will be the change in equilibrium price and quantity in response to the following determinants. a. The price steel used as input in automobile industry decrease. b. The consumers' income increase (automobiles are normal products) c. The cost of public transport (substitute) decrease. d. The number of consumers decrease. e. The wages for the automobile workers increase

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