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Question 3 of 3 Suppose that the U. S. Department of Transportation imposes costly regulations on manufacturers that cause them to reduce supply by one- third at any given price. Calculate the new supply schedule by filling in the blanks in this table (quantities should include one decimal place, i.e. 15.0). Based on your findings, identify the new equilibrium price and the new equilibrium quantity Price of truck $20,000 25,000 30,000 35,000 40,000 Quantity of trucks demanded Quantity of trucks supplied Quantity of trucks supplied after (millions) 20 18 16 14 12 (millions) regulations (millions) 15 16 17 18 The new equilibrium price is $ (no decimals) The new equilibrium quantity is million. (no decimals) Submit

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