uppose domestic demand and supply for a small nation are given by the following equations: Demand: Q = 240 - 10P Supply: Q = 20P -100 The world price for the good is $6. Calculate consumer surplus, producer surplus, and total surplus. Suppose the government of this small nation enacts an import quota of 70 units and sells import licenses. Find the domestic price once this country enacts the quota. Calculate the domestic price, quantity demanded by domestic consumers, quantity supplied by domestic suppliers, and imports when the quota is in place. Calculate domestic consumer surplus, domestic producer surplus, total domestic surplus, loss of surplus for the foreign producers, and the license revenue. What is the change in domestic total surplus