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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.
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Please refer to Citizen Gas Company PDF for case study and questions. The case study belongs to Economics. Citizen Gas Company is a medium sized company with customers from residential, commercial and industrial sectors.
What is the slope of the budget line and does this change depending on which combination of goods is purchased?
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