microeconomics

Armed with the knowledge you are gaining from this module week’s summit session, it’s now time for us to apply what we are learning! For this activity, complete four of the five scenario-based problems. Prepare a document to explain your answers and graph your solutions. Make sure to use references in APA format to support your positions.

1. Kim is in the market for a new automobile, and since she was just promoted at work, her tastes in higher-end automobiles has increased, but to her surprise taxes have decreased, which make a new automobile more attractive; therefore, please illustrate by constructing a supply and demand graph, the direction in which the curves will shift and state the new equilibrium price and quantity; for example, state whether price and quantity increased, decreased, or are indeterminate. Please explain your rationale based on the determinants of demand and supply.

Your paper will automatically be evaluated through Turnitin when you submit your assignment in this activity. Turnitin is a service that checks your work for improper citation or potential plagiarism by comparing it against a database of web pages, student papers, and articles from academic books and publications. Ensure that your work is entirely your own and that you have not plagiarized any material!

Save your assignment using a naming convention that includes your first and last name and the activity number (or description). Do not add punctuation or special characters.