A particular metal is traded in a highly competitive world market at a world price of $11.2 per ounce. Unlimited quantities are available for import into Canada at this price. The supply of this metal from domestic Canadian producers can be represented by Qs = 322 + 52P and the demand for the metal in Canada is Qd = 2589 - 74P, where Qs and Qd are in units of million ounces and P is the price per ounce. The Canadian government plans to impose an import quota of 310 million ounces per year. What is the net domestic loss to the Canadian economy as a result of the import quota? Answer: $ __________million

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A particular metal is traded in a highly competitive world market at a world price of $11.2 per ounce. Unlimited quantities are available for import into Canada at this price. The supply of this metal from domestic Canadian producers can be represented by Qs = 322 + 52P and the demand for the metal in Canada is Qd = 2589 - 74P, where Qs and Qd are in units of million ounces and P is the price per ounce. The Canadian government plans to impose an import quota of 310 million ounces per year. What is the net domestic loss to the Canadian economy as a result of the import quota?

Answer: $ __________million

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