(Answered) Sppose the demand and supply of chickens is given byqd

Engineering

Suppose the demand and supply of chickens is given by:

Qd = 20500 - 250p

Qs = 5000 + 100p

(a) Find the equilibrium price and quantity of chickens.

(b) Suppose a quota of 4000 chickens is imposed on the market. Find the new equilibrium price and quantity of chickens.

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