Problem
Innovations in materials engineering allow automakers to substitute lower cost materials in their production of sports utility vehicles, SUVs, without reducing the safety of the vehicles. Draw demand and supply curves in the diagram for SUVs before the innovations in materials and show the equilibrium price and quantity. Illustrate the effect of the cost reducing innovations in the market for SUVs. Indicate the effect of this on equilibrium price and quantity.
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.