In Singapore, electric cars made up 8.4 per cent of all new car registrations in the first five months of 2022. This is more than twice the rate in all of 2021. Compared to the whole of 2020 , just two years ago, the 8.4 per cent represents a 20-fold jump. (Please note that diagrams are not required for the following questions (i), (ii) and (iii)) (i) The electric vehicles market in Singapore has shown sign of increasing number of car owners switching from petrol vehicles to electric vehicles. The first statement that we can make is that "the demand for electric vehicles has increased". The second statement that we can make is "the quantity demanded for petrol vehicles has decreased". Explain whether these TWO statements are correct or incorrect. (2 marks) (ii) What would happen to the demand and supply of electric vehicles now if the future price of electric vehicles is expected to fall next year? (2 marks) (iii) Lithium-ion batteries are used in electric vehicles. Due to improvement in the technology and intense competition among lithium-ion battery manufacturers, the cost of lithium-ion batteries has fallen significantly. Explain what would happen to the demand and supply of electric vehicles. (4 marks)