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ECON 214 PROBLEM SET 1 Question 3




Question;In the space provided you are to do a number of things:a. Draw and properly label a demand and supply curve.b. Indicate where the equilibrium Price and Quantities are located.c. How do things change based on the following scenario?The market for hybrid cars is changing. There are more providers but due to bad publicity and poor performance, demand is falling.Knowing this information, you need to first tell me, and then show this in your graph:What is the market you are dealing with?Which curve(s) change and based on the lists in the text of what causes demand and supply to shift what are the causes of theses shifts?In what direction do they change? What happens to the equilibrium price and quantity after these changes are put into effect? Do they go up, down or stay the same?P: _______________________ Q


Paper#56816 | Written in 18-Jul-2015

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