(Solved): 5. Determinants of demand The following graph input tool shows the demand for sedans in New York Ci ...

5. Determinants of demand The following graph input tool shows the demand for sedans in New York City. For simplicity, assume that all sedans are identical and sell for the same price. Initially, the calculatorithows market demand under the following circumstancest average household income is \( \$ 50 \), ooo per year, the price of a gallon of regular unleaded gas is \( \$ 3 \) per gallon, and the price of a subway ride is \( \$ 1.50 \). Use the graph input tool to help you answer the questions that follow. (Note: You will not be graded on any adjustment made to the graph used in. the tool) Graph Input Tool Dilice of a sedan (Thousands of collars) Guantity of sedans (sedans per month) Average Income (Theurands of dollars] Price of gavoline (Dollars per gallon) Price of a subway ride Suppose that the price of a sedan increased from \( \$ 10,000 \) to \( \$ 15,000 \). This would cause a the demand curve. Suppose that the price of a sutway ride rises from \( \$ 1.50 \) to \( \$ 2 \). Because driving a car and taking the subway are the price of a nubway ride shifts the demand curve for sedaris to the