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Consider the market for automobiles. a.Draw the initial supply and demand equilibrium Cars use a lot of steel, and steel has recently decreased in price.

Consider the market for automobiles.

a.Draw the initial supply and demand equilibrium

Cars use a lot of steel, and steel has recently decreased in price.

b.Demonstrate the effect on the equilibrium price, quantity and consumer surplus in the automobile market.

c.Does total revenue to car makers increase or decrease?How do you know?

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