02 May Question: 1. Consider the market for new cars. e. Suppose the U.S. Environmental Protection Agency announce…
1. Consider the market for new cars.
e. Suppose the U.S. Environmental Protection Agency announces it will require new light trucks and sport utility vehicles (SUVs) to install pollution control devices that will increase their cost. How will the supply and demand curves (if either) for cars be affected? (Assume cars and SUVs are considered different goods.) What will happen to the equilibrium price and quantity of cars?
f. Consider the difference between the short run of a few days or weeks and the long run of a few months or years. Suppose the price of gasoline goes up. How will the supply and demand curves be affected in the short run? What will happen to the equilibrium price and quantity of cars?
g. In the long run, how would your answer to part f. change?
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