Question
a particular metal is traded in a highly competitive market at a world price of $9.9 per ounce. unlimited quatities are available for import into
a particular metal is traded in a highly competitive market at a world price of $9.9 per ounce. unlimited quatities are available for import into Canada at this price. The supply of this metal from domestic Canada producers can be represented by Qs=215+59P and the demand for the metal in Canada is Qd=2092-75P, where Qs and Qd are in units of million ounces and P is the price per ounce. The Canadian government plans to impose an import quota of 250 million once per year. what is the best domestic los to the Canadian economy as a result of the import quota?
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