Market for Used Cars in Australia Background: there has been a strong increase in global demand for semiconductors from

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Market for Used Cars in Australia
Background: there has been a strong increase in global demand for semiconductors from late 2020 to present, which has led to inventory shortages for cars particularly those based on internal combustion technology.
Your tasks for Part 2 are as follows:
Consider the used vehicle market in Australia. Read the following key articles:
1. Carey, Alexis (2022) ‘Experts reveal why you should wait to buy a car as industry faces soaring prices and supply crisis’, news.com.au, February 8th, available: https://www.news.com.au/finance/money/c ... 4b2ab28533
2. Kurmelovs, Royce (2022) ‘Secondhand cars: why are they so expensive and when will prices drop?’, The Guardian, January 30th, available: https://www.theguardian.com/australia-n ... rices-drop
Use the demand and supply (D&S) model to demonstrate the change in the market conditions from 2020 to 2021 for a specific used car in Australia. To prepare for this task, you will do the following: draw a set of D&S curves on the one diagram, carefully labelling the curves and clearly indicate the original (2020) and new (2021) set of equilibrium prices and quantities; and provide economic reasons for the shift(s) in the curves.
 HINT: A sound answer would use values based on actual data on prices of the used vehicle; yet you can use hypothetical values (rough guesses) relying on intuition for quantities.
Suppose a year from now that inventory shortages for vehicles have been resolved. Discuss what the market—in terms of average prices and quantities—for used cars in Australia might look like in 2023 compared to 2021.