The market for all lawn care equipment shipped annually in the United States is approximately $16 billion, according to the Outdoor Power Equipment Institute, a trade organization based in Alexandria, Va. Most of it is bought by homeowners, and their choices are changing. For example, while gas-power mowers still dominate sales, “the speed at which battery-powered alternatives are gaining ground is notable,” said Grant Farnsworth, the president of the market research firm Farnsworth Group. Within the last four years, sales of battery push mowers have increased from 4 to 8 percent, he said. Use supply and demand graphs to analyze what will happen in the market for gas- powered lawn equipment and the market for battery/electric/robotic lawn equipment. Explain what shifts, and what happens to prices and quantities. How do elasticities of demand and elasticities of supply affect your answers to #1 What will happen to the productivity of lawn-care workers after the transition? At what point will owners of lawn care companies stop hiring more workers? The article highlights many of the benefits of transitioning to battery/electric lawn equipment. What are some costs associated with this transition?
The market for all lawn care equipment shipped annually in the United States is approximately $16 billion, according to the Outdoor Power Equipment Institute, a trade organization based in Alexandria, Va. Most of it is bought by homeowners, and their choices are changing. For example, while gas-power mowers still dominate sales, “the speed at which battery-powered alternatives are gaining ground is notable,” said Grant Farnsworth, the president of the
-
Use
supply and demand graphs to analyze what will happen in the market for gas- powered lawn equipment and the market for battery/electric/robotic lawn equipment. Explain what shifts, and what happens to prices and quantities. -
How do
elasticities of demand and elasticities of supply affect your answers to #1 -
What will happen to the productivity of lawn-care workers after the transition? At what point will owners of lawn care companies stop hiring more workers?
-
The article highlights many of the benefits of transitioning to battery/electric lawn equipment. What are some costs associated with this transition?
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 2 images
