Domestic supply of sugar is Q=-60+2P, and domestic demand is Q=120-P. Where Q is in millions of
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Domestic supply of sugar is Q=-60+2P, and domestic demand is Q=120-P. Where Q is in millions of pounds. The world price of sugar is 28 cents per pound.
• The government imposes a quota to limit sugar imports into the US to 60 million pounds. Label CS, PS, Government Revenue, and DWL as a result of the quota (compared to free trade)
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