Consider the market for cherries, a crop which is grown by many farmers and enjoyed by many consumers. Suppose that in a typical month, the supply and demand of cherries can be given by:

Supply: Q = 100P Demand: Q = 2000- 100P

Where Q is in tons of cherries and P is the price per ton.

(A) [3 points] What is the equilibrium price and quantity of cherries typically consumed in a month?

(B) [2 points] Suppose that a US congressperson (perhaps with some funding from the Strawberry industry?) proposes a cap on the number of cherries that could be sold in any month. They propose to set the cap at 1200 tons. If their proposal became law, what will be the price and quantity of cherries in this market?

(C) [2 points] A different congressperson proposes an even more restrictive cap: only 800 tons can be bought or sold. If this proposal became law, what will be the price and quantity of cherries in this market?

(D) [3 points] Would the Association of Cherry Growers (which represents all cherry farmers) like the policy in (B)? In (C)? For each policy describe if they'd be in support or not, and how much they'd be willing to pay in bribes....sorry, I mean "lobbying"....to either defeat or support the policy.