Microeconomics Journal
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Title: Microeconomics Journal

Essay Details:

Subject: Miscellaneous
Author: Mitchell R
Date: June 18, 2017
Level:
Grade: A
Length: 2 / 365

Essay text:

Right now the supply for electric cars is very inelastic because there are not many on the market, making them expensive. As Chrysler and other auto makers come out with electric cars the supply will become more elastic and cars will become more affordable. This is because of the law of supply, as the price of a product increases the quantity supplied will increase. Until electric cars become more affordable people will continue to pay high prices at the gas pumps. Right now demand for gas in America is fairly inelastic. Once electric cars become affordable and more and more people start driving them the demand for gas will decrease...

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