if the united states imposes an import quota on imported soybeans, how much will the united states produce domestically

If the United States imposes an import quota, domestic production will rise, from what was produced at the world price (because the world price is the price the equilibrium price in the absence of tariffs), to the level of production determined by the domestic price.

Explanation:

This increase in production will only benefit domestic producers though, because they will now sell a higher quantity at a higher price, raising their incomes substantially.

Consumers, however, will be worse off, because before the tariff, they could buy the same amount of soybeans at the lower world price, but with the tariff, they are obliged to purchase the soybeans at the higher domestic price, lowering their available income for other goods and services.

the interest will be $59.71

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