Resources - The Bible - Online Educational Resources - Website: IWU Online Campus Library Services - Article: FOCUS-Chip makers have a message for car makers: Your turn to pay . Article: Used Cars Fetching Higher Prices as Demand Outstrips Supply Instructions 1. Review the rubric to make sure you understand the criteria for earning your grade. 2. Auto and truck producers around the globe are experiencing a shortage of microchips for new vehicle production. Even a small, inexpensive vehicle may require over 100 microchips. The result is a stymying of production of vehicles around the globe, and thus, restrictions on supply of new vehicles, particularly in the US. a. Utilizing the two following sources of information, explain in a 3-page case study how this shortage has affected new car prices. Demonstrate with a supply and demand illustration. No precision is necessary on the supply and demand curve. i. FOCUS-Chip makers have a message for car makers: Your turn to pay ii. Used Cars Fetching Higher Prices as Demand Outstrips Supply b. As part of the assignment, explain how new vehicle shortages and the concomitant increase in prices have affected used vehicle prices. Are they substitutable? c. With production levels being artificially low due to the chip shortages, explain how other suppliers, such as glass, steel, plastic composites, and electronics have been affected by the chip shortage. d. What are some options for those throughout the supply chains and distribution channels for addressing their reduced output? Explain with examples. 3. When you have completed your assignment, save a copy for yourself and submit a copy of the Word document and spreadsheet to your instructor using the Assignment submission page by the end of the workshop