1A. Construct a market for automobiles produced in Japan and exported to the U.S. with an equilibrium
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Question:
1A. Construct a market for automobiles produced in Japan and exported to the U.S. with an equilibrium price of $40,000 and a quantity exchanged of 500,000 million automobiles. 2B. Illustrate the effect on the market for Japanese automobiles exported to the if the U.S. if the federal government imposes an import quota at 250,000 vehicles.
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