US President Joseph R. Biden issued an executive order in August 2021 aimed at making 50 percent of all new vehicles sold in the US by 2030 electric.
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Free InquiryUS President Joseph R. Biden issued an executive order in August 2021 aimed at making 50 percent of all new vehicles sold in the US by 2030 electric. You have been asked to work on a project analyzing the growing electric vehicle market. It is assumed that this is a market that is characterized by a relatively large number of buyers and sellers, each of whom is considered small enough that their actions alone could not influence the market price (i.e., all buyers and sellers are “price takers”). As part of your analysis, you conducted some surveys among potential electric vehicle consumers as well as representatives from the US automobile industry who may be expanding their production of electric vehicles in response to this executive order.
QS = 20 + 1/2 P
QD = 130 – 4/3 P
The First Fundamental Theorem of Welfare Economics states that assuming perfectly competitive markets and no externalities, “The competitive equilibrium, where supply equals demand, maximizes economic efficiency.” If we use Pareto Efficiency as our metric for economic efficiency, re-write the First Fundamental Theorem of Welfare Economics specifically, and show how this is exemplified in the case of the electric vehicle market, as illustrated above.
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