Suppose the cost of lithium-ion batteries, an input in the production of electric vehicles, has dropped more steeply than expected. The accompanying graph depicts the market for electric vehicles. Demonstrate the effect of a reduction in the price of lithium-ion batteries by adjusting the accompanying diagram. Equilibrium price is now $ Equilibrium quantity is now thousand. thousand. Price ($1000s) 100 90 80 70 60 50 40 30 20 10 0 0 1 Market for Electric Vehicles 2 3 4 5 Quantity (1000s) 6 7 S D 8 9 10