Suppose the demand for new automobiles in the United States is described by the equation Qd = 5.3 - 0.1P where Qd is the number of new automobiles demanded per year (in millions) when P is the average price of an automobile (in thousands of dollars). a. What is the quantity of automobiles demanded per year when the average price of an automobile is $15,000? When it is $25,000? When it is $35,000? b. Sketch the demand curve for automobiles. Does this demand curve obey the law of demand?

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