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    Demand and Supply

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    The domestic demand and supply for sugar are Qd = 40,000 - 200 P and QSD = 10,000 + 300 P. The foreign supply is QSF = 20,000 + 100 P. What is the total supply of sugar in the domestic market? What is the domestic market price of sugar? Suppose an import quota of 5,000 is imposed in the domestic market. What will be the new market price of sugar? How many units of sugar will domestic produces supply after the quota is imposed?

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    Solution Preview

    Total Sugar Supply = Domestic Supply + Foreign Supply
    = 10,000 + 300P + 20,000 + 100P

    Solution Summary

    The solution is detailed and explains the concepts very well. The solution is very easy to understand as well. All the steps are clearly shown and are very easy to follow along. Overall, an excellent response to the question being asked.