Henry Ford famously mass-produced cars at the beginning of t…
Henry Ford famously mass-produced cars at the beginning of the twentieth century, starting Ford Motor Company. He made millions because mass production made cars cheap to make, and he passed some of the savings to the consumer in the form of a low price. Cars became a common sight in the United States. Keeping total revenue and its relationship with price in mind, do you expect the demand for cars to be elastic or inelastic in this example?