Demand: Thinking Like a Buyer - End of Chapter Problem The current administration imposes an unannounced tariff on steel imports which causes the price of new cars to increase overnight. Use the graph provided to illustrate the impact of this on the demand curve for new cars. You may either shift the demand curve or move the labeled point to illustrate a change in quantity demanded. Market for New Cars E Demand Quantity (millions of cars) Price per car($)

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A: Given PS =  8 + 2q Pd =  15- 1.5 q Equilibrium is achieved where D = S 8 + 2q = 15 – 1.5q 3.5q = 7…

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Q: what happens to the market price for rental cars as a result of the demand shift

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