Draw what the supply, demand, and breakeven graphs would look like, assuming that the electric car market is perfectly competitive. Explain how the following events affect the market equilibrium price and the quantity of electric cars: It is essential to attach the graphics (a) Consumers are becoming more environmentally conscious and are switching from gasoline cars to electric cars. (b) There is a shortage of global supply of lithium, which increases its price. Lithium is the main input in lithium-ion batteries, which are commonly used in the production of electric cars.

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Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.