For each of the following observations, determine whether supply, demand, or both shifted and how.Over the last decade, the price of hybrid electric vehicles decreased, while the number of hybrid vehicles sold increased.During winter, the number of daily air routes between Denver and Aspen, Colorado, increases, as does the price of a ticket.From January through April in the United States, personal certified public accountants (CPAs) see a dramatic increase in their number of billable hours, but the average hourly rate of a CPA remains the same.

1. As the hybrid electric car prices are falling, while the volume of hybrid vehicles sold is…

Answered: For each of the following observations,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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For each of the following observations, determine whether supply, demand, or both shifted and how.
1. Over the last decade, the price of hybrid electric vehicles decreased, while the number of hybrid vehicles sold increased.
2. During winter, the number of daily air routes between Denver and Aspen, Colorado, increases, as does the price of a ticket.
3. From January through April in the United States, personal certified public accountants (CPAs) see a dramatic increase in their number of billable hours, but the average hourly rate of a CPA remains the same.

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