Question 3 5 pts Consider the market for electric cars. Two changes happen at the same time: . With increasing concern about climate change, more consumers are interested in purchasing electric cars. This leads to an increase in the demand for electric cars. . Simultaneously, the government introduces subsidies for electric car manufacturers, lowering the cost of production, and thus leading to an increase in the supply of electric cars. 1. Graph the initial supply and demand curves for electric cars, labeling them as Do and So respectively. 2. Illustrate the shifts in both the demand and supply curves due to the above changes, labeling the new curves as Dj and S1. 3. Explain and show on your graph what happens to the equilibrium price and quantity as a result of these simultaneous shifts. Note that one of the changes will be ambiguous, while the other will be certain. Below, upload a PDF of your answer to just this question. Upload Choose a File