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The domestic demand and supply for sugar are Qd = 40,000 - 200 P and QSD = 10,000 + 300 P. The foreign supply is QSF = 20,000 + 100 P. Determine the total supply of sugar in the domestic market? Compute the domestic market price of sugar? Assume an import quota of 5,000 is imposed in the domestic market. What will be the new market price of sugar? How many units of sugar will domestic produces supply after the quota is imposed?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9309671

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