Read the following article(open link) and answer the following questions: Please provide source for work citation if use. https://uic.blackboard.com/bbcswebdav/pid-1081
Read the following article(open link) and answer the following questions: Please provide source for work citation if use.
https://uic.blackboard.com/bbcswebdav/pid-10815026-dt-content-rid-139658922_2/xid-139658922_2
From the article: “Signs of a possible recession typically rattle the cyclical auto industry, which normally gets hit hard in a downturn.” Does this imply that the income elasticity of demand for new automobiles during a recession is: (a) greater than +1.0; (b) between 0 and +1.0; (c) or less than 0? Briefly explain your answer.
From the article: “… despite the cloudy economic outlook, the market dynamics that have fueled strong profits for dealers and auto makers over the past two years remain largely intact: Relatively scarce vehicle supply, and a backlog of consumers who are in the market for a car and willing to pay top dollar.” If the supply of automobiles is “relatively scarce” and there is a “backlog of consumers” for automobiles does this imply that there is shortage in the market for automobiles? Briefly explain your answer.
Refer to the previous question. If the quantity demanded for automobiles is less than the quantity supplied, would this mean that automobiles are not scarce? Briefly explain your answer.
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