Currently, around 17% of US electricity comes from renewables. The US government begins requiring that 30%...

Currently, around 17% of US electricity comes from renewables. The US government begins requiring that 30% of electricity come from renewables.

a) Draw a graph of the electric car market that clearly labels supply and demand and shows how they shift. How do the equilibrium price and quantity change?

b) Draw a graph of the oil market that clearly labels supply and demand and shows how they shift. How do the equilibrium price and quantity change?

Expert Solution

Rahul Sunny answered 2 years ago

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