Question: Please provide answer with explanation because I don't only want the answer but also learn how to do it 18. Supply and Demand for an

Please provide answer with explanation because I don't only want the answer but also learn how to do it

18. Supply and Demand for an imported good are given by QD = 30 - 4P and Qs = 6 + 2P. Currently Canada allows free trade at a world price of $2. a. Trade disputes lead the Canadian government to implement an import quota at Q = 6 units for this good. Provide a labelled diagram and calculate how introducing an import quota will affect consumer, producer and licensee surplus in the economy. Label the deadweight (efficiency) loss. b. Clearly explain which elasticities are most important when trying to predict how much total surplus will decline when a quota is implemented

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