Consider the following situation: The world price of oranges is $15 per bushel. The domestic supply of oranges is 100 + 2(P) and the domestic demand for oranges is 500 – 5(P). Assume for now that this is a small nation that is not able to affect the world market. Show specific results What if there is a social benefit (not captured in the price) of $5 per bushel to people eating oranges? How does this affect your answer to (a) above?

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