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April 10th, 2012, 01:23 AM   #1
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Help: Demand and supply equation

Hi i don't quite understand this question, i know the answer, but i don't understand how to work out the answer.
Much help is appreciated~

Lardland is a net importer of Donuts. It faces a world price of $500 per Kg. The demand and supply equations are given by
P = 1000 2QD and
P = 400 + 1Qs.
Suppose the government imposes a tariff of $100, this would result in a Dead Weight
Loss of:
Answer: $7500

How do i get this answer?
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