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The graph to the right shows the supply and demand for Japanese-made automobiles in the United States Assume that Japanese-made and U.S.-made automobiles are of the same quality and are considered to be perfect substitutes. Suppose that the U.S. government imposes a tariff on Japanese-made automobiles 1.) Using the line drawing tool, show the effect on the market for Japanese-made automobiles. Properly label your line 2.) Using the point drawing tool, identify the new equilibrium price and quantity. Label it E Carefully follow the instructions above, and only draw the required objects. As a result of the tariff, the price of Japanese-made cars rises and the quantity falls. In the market for American cars, there will be Y and thus the price of and the American-made cars will equilibrium quantity will Japanese-made Automobiles (thousands)

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