Question 1

a)During the COVID-19 pandemic crisis, the prices of new Toyota motor vehicles such as the RAV4, Landcruiser, Corolla, Prius Hybrid, and Camry models increased. Use a supply and demand diagram to show how and also explain why the price of new cars have gone up.

b)What impact (if any) would this have on the second-hand market for these types of motor vehicles? Use a supply and demand diagram to explain.

Question 2

Use the following table for this question