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The market for Sugar beet is in equilibrium at P = $15 and Q = 229995. The price elasticity of demand is -1. The price elasticity of supply is 0.6. Now assume that the government imposes a quota which reduces supply to 183,996
a. Graph this market. Hint: use price elasticity equations to find change in p.
b. Calculate the change in consumer surplus as a result of this policy. Label this area on your graph.
c. Calculate the net change in producer surplus as a result of this policy. Label this area on your graph.
d. Calculate the deadweight loss which would result from this policy. Label this area.
Define any key terms that you feel are important in answering the following question as they are defined in the textbook and explain, in your own words what those definitions mean , and then thoroughly analyze each situation to answer the following q..
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