Question: Worksheet 9.2: Graphing Quotas-Peanuts! Draw a correctly labeled graph that shows a hypothetical supply and demand curve for the peanut market in the US. 1.

Worksheet 9.2: Graphing Quotas-Peanuts! Draw a correctly labeled graph that shows a hypothetical supply and demand curve for the peanut market in the US. 1. Show the equilibrium at $50 and 100 tons of peanut. 2. Illustrate the line that would show a quota of 150 tons of peanuts. What effect would this have in the market? 3. Draw the line that would show a quota of 50 tons of peanuts. What do we call the area that is created by this quota? 4. With a quota of 50 tons of peanuts, would the demand price be higher or lower than equilibrium? 5. With a quota of 150 tons, would the supply price be higher or lower than equilibrium

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