South Africa is unable toaffect the world price of the wine market. It imports wine at a price of $20 per box:

*The domestic demand for wine is given by the function Qd=700-10P

*The domestic supply for wine is also given by function Qs=200+5P

The government imposes a quota that limits imports to 50 boxes. Calculate and graph the following

1.1. The increase in price(above the world trade price) as a result of the quota. (6 MARKS)

1.2. The consumption distortion loss (deadweight) as a result of the quota (4 MARKS)

1.3. The production distortion loss (deadweight), as a result of the quota. (4 MARKS)