USE TABLE #1:For the market for electric automobiles, the equilibrium price is $ ________________ and the equilibrium quantity is___________ . (Remember to use a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point). **TABLE #1:**The following table presents different points on the linear supply and demand curves for electric automobiles:| Quantity Supplied In Units | 0 | 60 | 120 | 180 | 240 | 300 | 360 ||---------------------------|----|-----|-----|-----|-----|-----|-----|| **Price** | $0.00 | $20,000.00 | $40,000.00 | $60,000.00 | $80,000.00 | $100,000.00 | $120,000.00 || **Quantity Demanded In Units** | 720 | 600 | 480 | 360 | 240 | 120 | 0 |This table describes how the quantity supplied and demanded of electric automobiles varies with price. - As the price increases from $0.00 to $120,000.00, the quantity supplied increases from 0 to 360 units, indicating a direct relationship between price and quantity supplied.- Conversely, as the price increases, the quantity demanded decreases from 720 to 0 units, illustrating an inverse relationship between price and demand.

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Answered: For the market for electric…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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USE TABLE #1:

For the market for electric automobiles, the equilibrium price is $ ________________ and the equilibrium quantity is___________ . (Remember to use a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point).

**TABLE #1:**

The following table presents different points on the linear supply and demand curves for electric automobiles:

| Quantity Supplied In Units | 0 | 60 | 120 | 180 | 240 | 300 | 360 |
|---------------------------|----|-----|-----|-----|-----|-----|-----|
| **Price** | $0.00 | $20,000.00 | $40,000.00 | $60,000.00 | $80,000.00 | $100,000.00 | $120,000.00 |
| **Quantity Demanded In Units** | 720 | 600 | 480 | 360 | 240 | 120 | 0 |

This table describes how the quantity supplied and demanded of electric automobiles varies with price.

- As the price increases from $0.00 to $120,000.00, the quantity supplied increases from 0 to 360 units, indicating a direct relationship between price and quantity supplied.
- Conversely, as the price increases, the quantity demanded decreases from 720 to 0 units, illustrating an inverse relationship between price and demand.

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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