1. (12 points, 4 each part) Read the article below from the blog area on the Resources for the Future website about Electric Vehicles (EVs) in the US. Use the article to answer the following questions (you don't have to listen to the podcasts). You will notice that the article is written for a general audience and is not particularly focused on economics. The questions below are intended to encourage you to think about the topic from an economist's perspective. In your answer, you can assume the US market for EVs is perfectly competitive. Treat EVs as private goods (and for simplicity assume no externalities and no public goods). https://www.resources.org/common-resources/wrapping-up-rffs-resources-radio-series-what- lies-ahead-on-the-road-to-vehicle-electrification/ a. (4 points) According to the article, what contributed most to the reduction in EVs prices in recent decades? What specific role does government policy (i.e. the federal government) play in contributing to this? b. (4 points) Does your answer for part (a) primarily affect the supply of EV cars or the demand? Explain. (Hint: recall shifters of the supply and demand curves from your Principles of Micro and Intermediate Micro courses). Draw a demand-supply graph to support your argument. Be sure to label all elements. c. (4 points) The article mentions many factors that likely affect the equilibrium quantity and price of EVs in the US. Focus on just one factor (other than what you answered in part (a)) that you think affects the market for EVs. Describe whether you think this factor shifts demand or supply. Predict whether this factor will ultimately result in a higher or lower equilibrium price of EVs in the US. Draw a demand-supply graph to support your argument. Be sure to label all elements