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If demand for toys is QD = 500 - 10P and supply is Qs = 100 + 10P, answer the following questions using calculus:

  1. If demand for toys is QD = 500 - 10P and supply is Qs = 100 + 10P, answer the following questions using calculus:
  2. If the government imposes a production quota of 200 on toys, calculate the ΔCS, ΔPS, and DWL from the production quota.
  3. If the government imposes a restriction that price per toy cannot exceed $15, calculate the ΔCS, ΔPS, and DWL from the price ceiling.
  4. If the government imposes a restriction that price per toy cannot be lower than $18, calculate the ΔCS, ΔPS, and DWL from the price floor.
  5. If the country initially freely trades with the rest of the world in toys at the world price of $10 but the government decides to impose of a tariff of $5 on toy imports, calculate the ΔCS, ΔPS, and DWL from the import tariff. 

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