Answer to Question #331461 in Macroeconomics for nshongore

Question

Henry Ford famously mass-produced cars at the beginning of the twentieth century, starting Ford Motor Company. He made millions because mass production made cars cheap to make, and he passed some of the savings to the consumer in the form of a low price. Cars became a common sight in the United States thereafter. Keeping total revenue and its relationship with price in mind, do you expect the demand for cars to be elastic or inelastic given the story of Henry Ford?

Do you expect the demand for cars to be elastic or inelastic? Why?

Discuss two likely causes of an increase in demand for cars in Kigali.

Answer 1

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