Find the new equilibrium price and quantity of chickens

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Reference no: EM131913870

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?

Reference no: EM131913870

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