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Consider the market for family vans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also
Consider the market for family vans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the price and quantity of the product.
a. People decide to have more children.
b. A strike by steelworkers raises steel prices.
c. Engineers develop new automated machinery for the production of vans.
d. Because of the pandemic the unemployment increases.
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