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8. In Canada, in the 19705, in response from concerns from farmers, the federal government introduced \"supply management\" in the markets for eggs, dairy and poultry. Page 8 of 9 ECON 1210 Assignment 1 - Fall 2020 Instructor: Jesse Hajer a. What are some of the reasons that farmers and the government put forward to justify supply management? (1 mark) b. Using a supply and demand diagram, illustrate the impact of a government imposed supply restriction (quota) on the supply of milk. Assume the market would otherwise be in equilibrium. Clearly label the price and quantity before and after the implementation of supply restriction. Use words (compete sentences) to explain your graph. (4 marks) c. Explain the impact on consumers of the supply quota in the simple supply and demand model. Are consumers better or worse off compared to prior than the quota? (1 mark) d. What are some of the assumptions underlying the above supply and demand framework that may not hold in practice in agricultural markets? (1 mark) e. If these assumptions (in part d) are violated, are the conclusions of the supply and demand model for consumers (in part c) necessarily hold? Briefly explain. (1 mark)