Please help me with this problem, I have no clue how to get to the solution
Newly invented Jet Engine to makes them more fuel efficient. What happens to the price and quantity of Jet Fuel? Step#1: Draw a Supply and Demand curve: Label all axis, Label equilibrium Price and Equilibrium Quantity Per Unit Price SUPPLY $10 $9 $8 EI $7 $6 DEMAND Quantity Demand: JET FUEL 0 10 20 30 40 50 60 TO 80 Q1-35 Step#2: List Determinants: Demand Determinants Supply Determinants Yo (income for a normal good) C (cost) Yl (income for an inferior good) Tech (Technology) Pe (Price of a complementary good) #5 (Number of Sellers) Ps (Price of a substitute good) Ra (Resource Availability) #B (Number of Buyers) T (Tastes - Preference) EXPoy (Expectancy of change) Px (Price Special) Px (Price Special) Stepil3: Read Problem, and Select Determinant the Changed with an *x" Step #4: Draw Formula to solve Problem: (always the same), then fill in the first three components (blanks) Change in Change in Change in Change in Price Change in Determinant Demand Supply [after line shirg Quantity |Determinant and [relationship and [relationship and [after line shift] change in line shift] line shift Delement Relationship Relationship Results Results ORemember, we have 8 possibilities of change Demand Demand Supply Supply Price is held above Price is held Increases Decreases Increases Decreases equilibrium below equilibrium Price Price Step#5: Change supply and demand curve accordingly. Then fill in the last two components of formula. Per Unit Price $10 $9 $7 $6 Quantity Demand: 0 10 20 30 40 30 60 TO 80 Change in Change in Change in Change in Price Change in Determinant Demand Supply (after line shiff] Quantity |Determinant and [relationship and [relationship and [after line shift] dhango in line shift] line shift] determinantl Delemment Relationship Relationship Results Results O Step #6: List the Conclusion: (what was the change in price and quantity) Step #7: Justify the determinant that changed: (why did you select your determinant)