TABLE #1: The following table shows different points on the linear supply and demand curves for electric automobiles: Quantity Supplied In Units 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 720 600 480 360 240 120 In Units

TABLE #1: The following table shows different points on the linear supply and demand curves for electric automobiles: Quantity Supplied In Units 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 720 600 480 360 240 120 In Units

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 7SCQ: What would the gasoline price elasticity of supply mean to UPS or FedEx?

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Question

USE TABLE #1:

If the price of electric automobiles dropped by 50% from the market price, the electric automobiles market would be faced with excess demand, or more specifically, a __________ (type either surplus or shortage), which means quantity __________________ (type either demanded or supplied) is greater than the quantity ____________ (type either demanded or supplied). (Spell all words correctly, choosing the correct word to fit the box)

TABLE #1:
The following table shows different points on the linear supply and demand curves for electric automobiles:
Quantity
Supplied
In Units
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
720
600
480
360
240
120
In Units

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