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Consider the market for automobiles (a normal good). Explain how the following changes affect the market for automobiles. There is an increase in income and

Consider the market for automobiles (a normal good). Explain how the following changes affect the market for automobiles. There is an increase in income and the price of steel (an input for automobile production) increases. What is the predicted effect on the equilibrium price and quantity of automobiles? Explain using Supply and Demand.

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