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USE TABLE #1: The calculation you used to find the consumer surplus for the efficient market for electric automobiles is 1/2 x ($ -%24 )x ( ). (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). USE TABLE #1: Now, assume the market for electric automobiles is an efficient market. The consumer surplus for the market for electric automobiles is $____. (Remember to us a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point).

USE TABLE #1: The calculation you used to find the consumer surplus for the efficient market for electric automobiles is 1/2 x ($ -%24 )x ( ). (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). USE TABLE #1: Now, assume the market for electric automobiles is an efficient market. The consumer surplus for the market for electric automobiles is $____. (Remember to us a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point).

ENGR.ECONOMIC ANALYSIS
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:** The calculation you used to find the consumer surplus for the efficient market for electric automobiles is \( \frac{1}{2} \times (\$ \text{_____} - \$ \text{_____}) \times ( \text{_____} - \text{_____} ) \). (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). --- **USE TABLE #1:** Now, assume the market for electric automobiles is an efficient market. The consumer surplus for the market for electric automobiles 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).
Transcribed Image Text:**USE TABLE #1:** The calculation you used to find the consumer surplus for the efficient market for electric automobiles is \( \frac{1}{2} \times (\$ \text{_____} - \$ \text{_____}) \times ( \text{_____} - \text{_____} ) \). (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). --- **USE TABLE #1:** Now, assume the market for electric automobiles is an efficient market. The consumer surplus for the market for electric automobiles 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).
**FIGURE #1:** **Figure A:** - This diagram illustrates a demand shift in the market for plywood. - The supply curve (S) remains constant. - The initial demand curve (D₁) shifts to the left, resulting in a new demand curve (D₂). - This shift could indicate a decrease in demand. **Figure B:** - This diagram illustrates another scenario of a demand shift. - The supply curve (S) remains constant. - The initial demand curve (D₁) shifts to the right, resulting in a new demand curve (D₂). - This shift suggests an increase in demand. **Figure C:** - This diagram illustrates a supply shift in the market for plywood. - The demand curve (D) remains constant. - The initial supply curve (S₁) shifts to the left, resulting in a new supply curve (S₂). - This shift suggests a decrease in supply. **Figure D:** - This diagram illustrates another scenario of a supply shift. - The demand curve (D) remains constant. - The initial supply curve (S₁) shifts to the right, resulting in a new supply curve (S₂). - This shift suggests an increase in supply. **TABLE #1:** The following table shows different points on the linear supply and demand curves for electric automobiles: | Quantity Supplied In Units | Price | Quantity Demanded In Units | |----------------------------|--------|----------------------------| | 0 | $0.00 | 720 | | 60 | $20,000.00 | 600 | | 120 | $40,000.00 | 480 | | 180 | $60,000.00 | 360 | | 240 | $80,000.00 | 240 | | 300 | $100,000.00 | 120 | | 360 | $120,000.00 | 0 | - The table demonstrates the inverse relationship between price and quantity demanded and the direct relationship between price and quantity supplied. - As price increases, quantity demanded decreases, whereas quantity supplied increases.
Transcribed Image Text:**FIGURE #1:** **Figure A:** - This diagram illustrates a demand shift in the market for plywood. - The supply curve (S) remains constant. - The initial demand curve (D₁) shifts to the left, resulting in a new demand curve (D₂). - This shift could indicate a decrease in demand. **Figure B:** - This diagram illustrates another scenario of a demand shift. - The supply curve (S) remains constant. - The initial demand curve (D₁) shifts to the right, resulting in a new demand curve (D₂). - This shift suggests an increase in demand. **Figure C:** - This diagram illustrates a supply shift in the market for plywood. - The demand curve (D) remains constant. - The initial supply curve (S₁) shifts to the left, resulting in a new supply curve (S₂). - This shift suggests a decrease in supply. **Figure D:** - This diagram illustrates another scenario of a supply shift. - The demand curve (D) remains constant. - The initial supply curve (S₁) shifts to the right, resulting in a new supply curve (S₂). - This shift suggests an increase in supply. **TABLE #1:** The following table shows different points on the linear supply and demand curves for electric automobiles: | Quantity Supplied In Units | Price | Quantity Demanded In Units | |----------------------------|--------|----------------------------| | 0 | $0.00 | 720 | | 60 | $20,000.00 | 600 | | 120 | $40,000.00 | 480 | | 180 | $60,000.00 | 360 | | 240 | $80,000.00 | 240 | | 300 | $100,000.00 | 120 | | 360 | $120,000.00 | 0 | - The table demonstrates the inverse relationship between price and quantity demanded and the direct relationship between price and quantity supplied. - As price increases, quantity demanded decreases, whereas quantity supplied increases.
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