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Use your knowledge of S and D to describe the impact of the following 4 events...

Use your knowledge of S and D to describe the impact of the following 4 events on the market for cars. Sketch and label 4 graphs. Show the corresponding shift it the curve, mark old equilibrium P1 Q1 and new P2 and Q2. Explain whether P and Q increased or decreased. a. gasoline became substantially more expensive b. car manufacturers adopted new technology that allows cheap production of cars by robots c. population has become wealthier due to continued stock market rally d. steel has become more expensive due to new tariffs on Chinese steel

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