Rise in Demand for Electric Cars

7 03 2011


Because of the riots in Libya, gas prices are continually and rapidly rising. In fact, since the riots in Libya, more and more people are demanding electric cars. This is because of the demand determinant “price of a complementary good” of the conventional cars. In this case, the complementary good is the gas. As the gas prices are rising rapidly, less people are willing to buy conventional cars, thinking that the gas prices will continually rise for the next few months. Therefore, more and more people are looking for the alternatives that do not use gas as the fuel. Thus, an increasing number of people are demanding electric cars instead of the conventional cars.

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