Suppose the demand and supply of chickens is given, Business Economics

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Suppose the demand and supply of chickens is given

Suppose the demand and supply of chickens is given by:

Q_d = 20500 - 250p

Q_s= 5000 + 100p

a) Graph the demand and supply curves and determine the equilibrium price and quantity.

b) Suppose a quota of 4000 chickens in imposed. What will be the new equilibrium price? What is the loss to consumers? What is the net gain, if any, to producers?

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Business Economics: Suppose the demand and supply of chickens is given

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