(Answered) The market demand and supply functions for imported oil are

Economics

The market demand and supply functions for imported oil are: Qd=48,000 - 406.25P and Qs= 1,781.25 - 22,000. To encourage the consumption of domestic production, Congress has imposed a quota of 25,000 units of imported oil. Calculate the change in consumer surplus and producer surplus from this legislation.

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