Find Online Tutors for Homework Help

In the market for apples demand is P=803Qd and supply is P=20+Qs However due to a quota on the production of

Question

In the market for apples, demand is P=80-3Qd and supply is P=20+Qs. However, due to a quota on the production of

apples, the actual number of apples produced is 20. Graph this market, labeling all relevant values (you should label the quota quantity, what the quantity would be without the quota, the marginal benefit at the quota quantity, and the marginal cost at the quota quantity), and shade deadweight loss.

Microeconomics