Final answer:
The new quantity demanded of pants by American buyers, if a 33 1/3% quota is imposed, will depend on the elasticity of demand for pants.
Step-by-step explanation:
The new quantity demanded of pants by American buyers, if a 33 1/3% quota is imposed, will depend on the elasticity of demand for pants. Elasticity of demand measures how responsive quantity demanded is to a change in price. If demand for pants is elastic, a 33 1/3% quota will lead to a significant decrease in quantity demanded. On the other hand, if demand for pants is inelastic, the decrease in quantity demanded will be less pronounced.
For example:
If the original quantity demanded of pants is 10 million units, a 33 1/3% quota would decrease the quantity demanded to approximately 6.67 million units. This calculation is obtained by multiplying the original quantity demanded by (100% - 33 1/3%) or 0.6667.