Question 1:

List at least 3 determinants of demand and for one of them, give an example of how the determinant can affect demand. For example, if the determinant of demand is "Price of substitute goods", an example could be "Mcdonald and Burger King are substitutes. When the price of McDonald goes up, the demand for Burger King increases".

Question 2:

Consider the market for minivans. For each of the following event, identify which of the determinants of demand is affected and indicate an increase or decrease in demand with help of a demand curve

1)People decide to have more children

2)The price of sports utility vehicles rises

3)A stock market crash lowers people's wealth