Why did the price of the Model T drop from $950 to $300?

A model T in 1908, when it was first introduced, cost about $950. 10,000 cars were produced. By 1924, they cost $300 each and 2 million units were produced.
In 1908, manufacturing would have been largely by hand. Gradually, more machines were introduced, which also reduced the complexity of manufacturing and assembly.
In 1913, production was moved from batch production to a continuously moving assembly line. By 1914, Ford was producing more cars than all other automakers combined. No advertising was purchased between 1917 and 1923.
By 1916, the price had dropped to $360, and by 1924, it was below $300.
The relationship between price reduction and demand expansion is asymmetrical. What this means is that a price cut of half or more will result in demand rising exponentially, but tens or hundreds or times.
Works Cited:
https://www.entrepreneur.com/growing-a-business/how-ford-created-a-huge-market-by-lowering-its-prices/282218
https://transportgeography.org/contents/chapter1/the-setting-of-global-transportation-systems/ford-cost-production-1908-1924/
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