Using the supply and demand model describe both verbally and graphically how each of the events affects the market (the equilibrium price and equilibrium quantity) of the associated product.

(a) Automobiles. Increase in imports of Chinese made automobiles.

(b)Computers. Parts for making computers fall in price because of improvements in technology.

(c) gasoline. Oil production declines due to a crisis in the Middle East; people take more vacations and drive more.

(c) New homes.The average incomes fall as the economy moves into recession; the productivity of home construction workers and builders increases.