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The United States government wants to reduce the number of South Korean-made cars sold in the United States. From ORIGINAL IMPORTS the volume of cars

The United States government wants to reduce the number of South Korean-made cars sold in the United States. From ORIGINAL IMPORTS the volume of cars will be reduced to QUOTA IMPORTS. When imports were unrestricted the average value per vehicle of imports from South Korea was ORIGINAL VALUE (Per vehicle USD). South Korean car makers want to make the same total revenue in the US market. What will the new average price per vehicle need to be to produce the same gross revenue for the South Korean automakers?

ORIGINAL IMPORTS (Units) 3,332,000
QUOTA IMPORTS (Units) 2,507,000
ORIGINAL VALUE (Per vehicle USD) $ 26,750.00

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