Consider the market structures that chapter 8 & 9 and answer the following: 1. How do the costs of production for the automobile manufacturers in China differ from that in the United States? 2. What would have to change in China for these surpluses (e.g., EVs, bikes) to be reduced or eliminated? Remember to include concepts that we learned in Unit 3 to support the answer. Here is the article reference https://www.bloomberg.com/features/2023-china-ev-graveyards/ Here the chapter 3 topic: Chapter 3: Demand, Supply, and Market Equilibrium Chapter 3 Introduction Markets, Demand, Law of Demand, The Demand Curve, Market Demand, Changes in Demand, Changes in Quantity Demanded, Supply Law of Supply, The Supply Curve, Market Supply, Determinants of Supply, Changes in Supply, Changes in Quantity Supplied, Market Equilibrium, Equilibrium Price and Quantity, Rationing Function of Prices, Efficient Allocation, Changes in Supply, Demand, and Equilibrium, Changes in Demand, Changes in Supply, Complex Cases, Application: Government-Set Prices, Price Ceilings on Gasoline, Rent Controls, chapters, Businesses and the Costs of Production topic: Chapter 9 Introduction Economic Costs, Explicit and Implicit Costs, Accounting Profit and Normal Profit, Economic Profit, Short Run and Long Run, Short-Run Production Relationships, Law of Diminishing Return, Short-Run Production Costs Fixed, Variable, and Total Costs, Per-Unit, or Average, Costs, Marginal Cost, Shifts of the Cost Curves, Long-Run Production Costs, Firm Size and Costs, The Long-Run Cost Curve, Economies and Diseconomies of Scale, Minimum Efficient Scale and Industry Structure , Applications and Illustrations, Rising Gasoline Prices, The Weber Metals Stamping Machine, Successful Startup Firms, Aircraft and Concrete Plants, Chapter 10 Pure Competition topics: Chapter 10 Pure Competition, Chapter 10 Introduction Four Market Models, Pure Competition: Characteristics and Occurrence, Demand as Seen by a Purely Competitive Seller, Perfectly Elastic Demand, Average, Total, and Marginal Revenue, Profit Maximization in the Short Run: Total-Revenue-Total-Cost Approach, Profit Maximization in the Short Run: Marginal-Revenue-Marginal-Cost Approach, Profit-Maximizing Case, Loss-Minimizing Case, Shutdown Case, Marginal Cost and Short-Run Supply, Generalized Depiction, Changes in Supply, Firm and Industry: Equilibrium Price, Profit Maximization in the Long Run, Assumptions The Goal of Our Analysis, Long-Run Equilibrium, Long-Run Supply Curves, Long-Run Supply for a Constant-Cost Industry, Long-Run Supply for an Increasing-Cost Industry, Long-Run Supply for a Decreasing-Cost Industry, Pure Competition and Efficiency, Productive Efficiency: P = Minimum ATC, Allocative Efficiency: P = MC Maximum Consumer and Producer Surplus, Dynamic Adjustments, "Invisible Hand" Revisited, Technological Advance and Competition, Creative Destructio, Book name : microeconomics 23 McConnell Campbell R, et al. McGraw hill LLC 2024