INDIVIDUAL PROJECT (15%)
Due date: Sunday 25th
February, 11.59 pm.
Understanding the concepts of supply, demand, and elasticity
in the context of the 2024 Electric Vehicle (EV) market.
urpose-
Please use the
following two articles as guides to beginning your understanding of this topic:
i)
Austin, David Modelling the Demand for Electric Vehicles and the Supply of
Charging Stations in the United States, Congressional
Budget Working Paper 2023-06 September 2023.
Accessed at: https://www.cbo.gov/system/files/2023-09/58964-EV.pdf
ii)
Purtill, James Buying a new car? Here’s how cheaper batteries and new
emissions regulations will affect the price. ABC
Science, January 2024.
Accessed at: ttps://www.abc.net.au/news/science/2024-01-17/where-are-electric-and-petrol-vehicle-prices-going-in-2024/103306894
Question One (9 marks) Approximately 900 words.
Discuss
three factors which influence the demand
for electric vehicles (EVs) and
three factors which influence the supply
of EVs. Use demand and supply diagrams
to illustrate your analysis.
……see over for Question
Two.
Question Two (6 Marks) Approximately 600 words.
Define the following concepts:
i)
own-price elasticity of demand;
ii)
income elasticity of demand; and
iii)
cross-price elasticity of demand. (2 marks)
Apply
each of these concepts of elasticity of demand to the market for EVs. (4 marks)
FORMAT REQUIREMENTS:
The paper should
- be typed;
- attach a cover sheet
- cite all sources;
- have correct formats for the bibliography,
footnotes, and references.
Quality is the most appropriate determinant of the grade awarded but
it is suggested that approximately 1,500 words be a suitable length.