Gradebook 9/24/2018 08:00 PM 4 15.2/100 Calculator -d Periodic Table Print Quest

Question

Gradebook 9/24/2018 08:00 PM 4 15.2/100 Calculator -d Periodic Table Print Question 9 cf 22 Sapling Learning The cost of lithium-ion batteries, an input into the production of electric vehicles, has been dro steeply than expected. The figure below shows the market for electric vehicles. Move the supply and/or demand curvestehe effect that a reduction in the price of ithium-ion batteries will have on the pping more market of electric vehicles. Also select the end result of equilibrium price and quantity. Equilibrium price O increases O decreases O remains constant O change is indeterminate Supply Equilibrium quantity increases O decreases O remains constant O change is indeterminate Demand Quantity of Electric Vehicles Hint Previous @check Answer Next-HExit--

Explanation / Answer

Equilibrium price decreases.

Equilibrium quantity increases.

(As price of lithium ion batteries decreases, so cost of production of electric vehicles decreases and thereby supply of electrical vehicles will increase which will shift supply curve to right, thus, increasing equilibrium quantity and decreasing equilibrium price.)

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