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Two policies on consumer surplus and welfare

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Reference no: EM132001394

Assume that the National Park Services want to restrict the number of visitors to Yellowstone to 3m visitors a year, which is smaller than the current record at 4.3m. They consider two policies: i. Raising the price of admissions, and ii. Setting a quota that limits the number of visits to 3m. Compare the effect of these two policies on consumer surplus and welfare. Use a graph to show which policy is superior.

Reference no: EM132001394

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