00:01
Consider the market for minivans.
00:02
Indicate the demand, if any, on...
00:05
Indicate the impact, if any, on demand, supply price and quantity.
00:11
People have decided to have more children.
00:17
It would make sense that if people had more children, we would see the demand curve shift to the right.
00:27
So we're going to have increased demand.
00:41
This is because if people have more children, then they will need more minivans since they need.
00:48
A vehicle that they can drive their children around in.
00:54
A strike by steel workers raises steel prices.
00:57
This will affect the supply side.
01:10
So in this case, it's going to cost more to produce minivans because the price of steel has gone up.
01:21
Suppliers, therefore, cannot supply as much at each price.
01:28
The supply curve shifts to the left.
01:33
Engineers develop new automated machinery for the, production of minivans...