Problem
1. For each of the five statements (a-e) in the previous question, draw a demand graph representing the appropriate change in quantity demanded or change in demand.
2. Until 2008, General Motors held the title of the world's largest automobile manufacturer for 78 years. The recession of 2007-2009 and its accompanying financial crisis saw GM declare bankruptcy, receive over $50 billion in government bailout funds, and experience a significant decrease in demand for its products. One area where GM saw huge declines in demand was its highly profitable large truck and SUV sector. In response to the fall in demand, GM drastically reduced the production of large trucks and SUVs, including discontinuing its Hummer brand. Explain what determinants of household demand contributed to the decision by GM to significantly reduce production of its large trucks and SUVs.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.