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Cities before and after the automobile

Cities before and after the automobile. Review Demand and Demand Shifters. Market (change in # of consumers) Tastes and preferences Income Related goods - substitutes Related goods - complements Expectations*. P. D 1. D 2. D 0. Q. Review Supply and Supply Shifters. Technology Taxes

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Cities before and after the automobile

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  1. Cities before and after the automobile

  2. Review Demand and Demand Shifters • Market (change in # of consumers) • Tastes and preferences • Income • Related goods - substitutes • Related goods - complements • Expectations* P D1 D2 D0 Q

  3. Review Supply and Supply Shifters • Technology • Taxes • Input prices • Competition • Expectations P S2 S0 S1 Q

  4. Review Market Equilibrium What happens to equilibrium price and quantity when: • Demand increases? • Demand decreases? • Supply increases? • Supply decreases? P Peq S0 D0 Qeq Q

  5. Sample Demand Shifter Market/# of consumers • If more Americans decide to live in cities and use public transportation, what will happen in the auto market? P Peq S0 D0 Qeq Q

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