7. Suppose the domestic demand and supply for automobiles is as given in Problem 6. (LO3, LO4)...

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7. Suppose the domestic demand and supply for automobiles is as given in Problem 6. (LO3, LO4) a. The economy opens to trade. The world price of automobiles is $10,000. Find the domestic quantities demanded and supplied and the quantity of imports or exports. b. Now assume that the government imposes a quota on automobile imports of 2,000 cars. What will happen to the quantity of imports or exports? c. Who will favor the imposition of the quota, and who will oppose it?

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