The supply for cars qs depends on the price of cars p and, Microeconomics

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The supply for cars qs depends on the price of cars p and

Question: The supply for cars Q^s, depends on the price of cars P, and the price of steel P_s. The demand for cars Q^d, depends on the price of cars P, the price of car insurance P_i, the price of bus tickets P_b, and aggregate income Y.

a. Identify the exogenous and endogenous variables of the car market.

b. If the price of steel increases, do you expect the supply for cars to increase or decrease? Why?

c. If the price of car insurance increases, do you expect the demand for cars to increase or decrease? What about the price of bus tickets? Aggregate income?

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Microeconomics: The supply for cars qs depends on the price of cars p and

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