O Macmillan Learning Suppose the cost of lithium-ion batteries, an input into the production of electric vehicles, has dropped more steeply than expected. The accompanying graph depicts a market for electric vehicles. Demonstrate the effect of a reduction in the price of lithium-ion batteries by adjusting the accompanying diagram. Equilibrium price is now $ Equilibrium quantity is now thousand. thousand. Price ($1000s) 100 90 80 70 60 50 40 30 20 10 0 0 1 Market for Electric Vehicles 2 3 5 4 Quantity (1000s) 6 S O 7 8 9 10

O Macmillan Learning Suppose the cost of lithium-ion batteries, an input into the production of electric vehicles, has dropped more steeply than expected. The accompanying graph depicts a market for electric vehicles. Demonstrate the effect of a reduction in the price of lithium-ion batteries by adjusting the accompanying diagram. Equilibrium price is now $ Equilibrium quantity is now thousand. thousand. Price ($1000s) 100 90 80 70 60 50 40 30 20 10 0 0 1 Market for Electric Vehicles 2 3 5 4 Quantity (1000s) 6 S O 7 8 9 10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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