4. Read the article Very Used Cars (link here and posted on HuskyCT). (15 points) 8. What has happened to the average price of a used vehicle (with over 100,000 miles) over the last year? b. How has the microchip shortage affected the new car market? (you may wish to choose more than one) i. A shift in demand to the right ii. A shift in demand to the left iii. A shift in supply to the right iv. A shift in supply to the left. c. Based on your answer above, what has happened to the equilibrium price and quantity sold of new cars? i. Price has increased. 11. Price has decreased 111. No change in the equilibrium price. iv. Not enough info. d. Circle one: Used cars are a substitute/complement for new cars. e. How has the microchip shortage affected the used car market? (you may wish to choose more than one 1. ii. 111. IV. V. A shift in demand to the right A shift in demand to the left A shift in supply to the right A shift in supply to the left. None of the above. f. According to the article, what has happened to the supply of used vehicles? g. Draw a graph showing changes identified in the used car market. Draw a supply curve and demand curve before the changes. Then draw a new curve or new curves. Label the original equilibrium price P1 on the y-axis and equilibrium quantity Q1 on the x-axis. Label the new equilibrium price P2 on the y-axis and equilibrium quantity Q2 on the x-axis.