This I the question

Developed countries often intervene in their agricultural industries, using price oors or quotas (supply management). As an economist in the Department of Agriculture you have estimated the demand to be P = 490 50d and supply to be P = 280 + 20S for the sheep industry. You have been asked to evaluate two policy choices. Quantities are in tons. a) To begin with. there are no interventions. Find the equilibrium Q and P. 25% b) 9pm: Price oor = $360, the government buys up any excess supply. Find Qd, Qs, excess supply, and the cost to the government. Qd Qs @ E Excess Supply _ Cost = $7 c) thion 2: Quota = 20. Find the corresponding consumer price at this quantity supplied. Pconsumers = $i cl) Which of the above policies will minimize the cost to the government? 5 Price oor \"' Quota \" Uncertain/Neither