Answer to Question #61221 in Other Economics for Serenamay Matthews

Question #61221
a. There has been a breakthrough in the manufacturing of solar-powered motor vehicles that will substantially reduce their costs of production. Use demand and supply curves to illustrate what will happen to: i) the equilibrium price and quantity of solar-powered motor vehicles. ii) the equilibrium price and quantity of conventional motor vehicles. b. In an attempt to increase the use of solar-powered motor vehicles the government decides to set a minimum price for solar-powered vehicles that is below the market price. Do you think this is a good idea? Explain your decision using graphs. (with diagrams)
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Expert's answer
2016-08-09T09:20:02-0400
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