Assignment: Solve the following problem (Follow APA format)
Consider the market for minivans. For each of the events listed here, identify THE FOLLOWING:
1. Which of the determinants of demand or supply are affected.
2. Also indicate whether demand or supply increases or decreases (for each case).
3. Draw a diagram to show the effect on the price and quantity of minivans for each case
4. Where will the new equilibrium be?
a. People decide to have more children.b. A strike by steelworkers raises steel prices.c. Engineers develop new automated machinery for the production of minivans.d. The price of sports utility vehicle rises.e. A stock – market crash lowers people’s wealth.