Can I get some help on this question? It's about analyzing the effect of using import quota for a small open economy. The following question is about analyzing the effect of using import quota for a small oper economy where its local demand and supply for product Y are given by D=100-PandS=P with the price of product Y in the world market being $20. 1. The government of this small open economy is considering an import quota of limiting the maximum number of import product Y to be 30. Analyze the effect of this import quota on the total surplus of this economy by calculating the changes in the level of consumer surplus producer surplus, and quota rent (or quota revenue if the government auctions the import license). Change in consumer surplus (may take a positive or a negative value)= Change in producer surplus (may take a positive or a negative value) = Quota rent(Quota revenue)= The total surplus of this economy will (decrease, increase, or stay the same) after imposing this import quota. Derivation: 2. Briefly explain the sources of the gain or the loss that you identified in your answer for question(1) Explanation of the sources:
