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QUESTION
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.
. 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.
(c) Are consumers made better or worse off? What about producers?
