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).
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).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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USE TABLE #1:
For the market for electric automobiles, the
Transcribed Image Text:**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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