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Asst04f090 - AGEC 217 Assignment 4 Due Name Seat No See...

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AGEC 217 Assignment 4 Due 9/18/09 Name ______________________________________________________ Seat No. _____________ See pages 195-207 in the Mini Text on our website. Use the procedure on page 207 to do the following problems. Note that the mini text contains diagrams, explanations and examples of each kind of problem listed below. For each of the following market situations show clearly what the effect will be on the market just as is modeled in class and in the mini text. 1. General Motors automobile market: Foreign imports of autos increase substantially. 2. Auto manufacturing labor market: the United Auto Workers win a major wage hike. 3. Gasoline market: The availability of crude oil drops.
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4. Indiana farm land market: Cities expand covering vast areas with malls and residences. 5. The labor market: The minimum wage is increased to keep pace with inflation. 6. Toyota Camry market: The Lafayette SIA plant produces Camrys using the latest and best production methods available in the auto industry.
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