Use the following equations for supply and demand to solve for the market equilibrium price and quantity, and produce a graph for the market. P = 3Qs + 10 P = −2Qd + 30
(a) Suppose that a quota of 2 units is imposed on this market; graphically depict this quota and show its effect. What is the new market price with the quota?
(b) Calculate Consumer Surplus.
(c) Calculate Producer Surplus.
(d) Calculate the Dead Weight Loss in this scenario.