Model the effects of a quota on sugar

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In 2010, the world price for raw sugar, 13¢ per pound, was about half the domestic price, 27¢ per pound, because of quotas and tariffs on sugar imports. As a consequence, American-made corn sweeteners can be profitably sold domestically. A decade ago, the U.S. Commerce Department estimated that the quotas and price support reduce American welfare by about $3 billion a year, so, each dollar of Archer Daniels Midland's profit from selling U.S. sugar costs Americans about $10. Model the effects of a quota on sugar in both the sugar and corn sweetener markets.

Reference no: EM131345603

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