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Market SHOCKS Graphs. For #20-22: Show the Shift in Demand or Supply that will happen ON EACH GRAPH, given the event described below. Then, below
Market SHOCKS Graphs. For #20-22: Show the Shift in Demand or Supply that will happen ON EACH GRAPH, given the event described below. Then, below each Graph tell what happens to Equilibrium Price and Quantity - up or down with Arrows (or you can write either Up, Down, or ? (Can't Tell). 3 graphs below are Market for NEW CARS. (2 pts) 20. Gasoline, a "complement" to owning a Car, goes much LOWER in price! Price S, cost - D, value Quantity (2 pts) 21. New technologies for manufacturing cars have lowered car companies' production costs! Price S, cost - D, value Quantity P: _ Q: _ (4 pts) 22. DOUBLE SHIFT! -- The price of Uber rides, a "Substitute" for owning a new Car, goes much LOWER, while at the same time, large hurricanes destroyed half the new cars on dealer lots in the U.S., this year! Price S, cost - D, value Quantity
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