Question: Please provide answer with explanation. Need help with explanations please explain 15. Supply and demand are given D = 200 - 20P and S =

Please provide answer with explanation. Need help with explanations please explain

15. Supply and demand are given D = 200 - 20P and S = 20P - 40. Currently the government allows a Free Trade policy at a world price of $3. a. Provide a labelled Supply and Demand Diagram along with supplementary calculations to assess how the introduction of an Import Quota of 40 units will affect Consumer Surplus, Producer Surplus, Licensee Surplus and Total Surplus. b. On your diagram illustrate how the gains from trade would increase if demand was more elastic. Provide numbers for A = and B = that would make the demand curve D = A - BP more elastic than D = 200 - 20P

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