Question: The supply function for a commodity is Q = 4 p and the demand function is Q = 3 2 0 - 4 p .

The supply function for a commodity is Q=4p and the demand function is Q=320-4p.
a)(7 points) Find the consumer and producer surplus in the market.
b)(6 points) Suppose the government imposes a quota of 120 units in the market? Find the new consumer surplus, producer surplus and deadweight loss.
The supply function for a commodity is Q = 4 p

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