Problem

Use Figure 1 and the following information to work Problems.Figure 1 shows the car market...

Use Figure 1 and the following information to work Problems.

Figure 1 shows the car market in Mexico when Mexico places no restriction on the quantity of cars imported. The world price of a car is $10,000.

If the government of Mexico introduces an import quota of 4 million cars a year, what will be the price of a car in Mexico, the quantity of cars produced in Mexico, and the quantity imported?

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