Consider the market for electric cars. Assume electric cars are a normal good. For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because creates only a supply change, select the "None" option under the "Demand Determinant" column. Similarly, if supply is unaffected by this event because it creates only a demand change, select the "None" option under the "Supply Determinant" column. Event Demand Determinant Supply Determinant Engineers develop new automated machinery for the production of electric cars. People increase their concern for the environment. An economic boom raises people's wealth. A strike by aluminum workers raises the price of aluminum. The price of gas-powered cars falls.
Consider the market for electric cars. Assume electric cars are a normal good. For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because creates only a supply change, select the "None" option under the "Demand Determinant" column. Similarly, if supply is unaffected by this event because it creates only a demand change, select the "None" option under the "Supply Determinant" column. Event Demand Determinant Supply Determinant Engineers develop new automated machinery for the production of electric cars. People increase their concern for the environment. An economic boom raises people's wealth. A strike by aluminum workers raises the price of aluminum. The price of gas-powered cars falls.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Consider the market for electric cars. Assume electric cars are a normal good.
For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because
creates only a supply change, select the "None" option under the "Demand Determinant" column. Similarly, if supply is unaffected by this event
because it creates only a demand change, select the "None" option under the "Supply Determinant" column.
Event
Demand Determinant
Supply Determinant
Engineers develop new automated machinery for the production of
electric cars.
People increase their concern for the environment.
An economic boom raises people's wealth.
A strike by aluminum workers raises the price of aluminum.
The price of gas-powered cars falls.
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