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Consider the market for Canadian maple syrup. The demand and supply functions for Canadian maplesyrup are given by:
QD = 500 - 100PQS = 150P
(a) Find the initial equilibrium price and quantity of Canadian maple syrup.
(b) Calculate the initial consumer surplus (CS) and producer surplus (PS).
(c) Suppose that maple syrup producers in Vermont successfully lobby Congress to restrict the import of maple syrup from Canada. Congress imposes a quota of 150 bottles. Calculate the consumer surplus(CS), producer surplus (PS) and DWL after the imposition of this quota.
(d) Briefly explain why there is a deadweight loss (DWL) associated with a quota.
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