1. Assume the U.S. is a small importing country in the world market for widgets. Moreover, the U.S. cannot produce any widgets at all domestically. Illustrate the impact of a U.S. tariff on widgets. Identify areas representing the change in total U.S. welfare from this tariff [state whether it's a welfare gain or welfare loss). 2. Assume The U.S. is a large importing country in the world market for coffee beans. Assume the U.S. cannot produce any coffee beans domestically. Illustrate the impact of a U.S. tariff on coffee beans. Identify areas that represent the change in welfare for the U.S. and for the ROW from the tariff. (State whether gains or losses.) Can the U.S. ever come out ahead from this tariff? Why or why not? Can the ROW ever come out ahead? Why or why not? 3. Assume the U.S. is a large importing country in the world market for cobalt. It both produces and consumes cobalt. The U.S. supply curve has a normal upward slope, but over the relevant range of prices, the U.S. demand for cobalt is completely inelastic with respect to the price. {At prices outside of the range we're considering, U.S. demand may have a non-zero elasticity, but that won't matter for this problem.) Illustrate the impact of a U.S. government quota on cobalt, when the government sells the import licenses to U.S. import companies in an auction. Identify areas that represent the change in welfare for the U.S. and for the ROW from this quota. Can the U.S. ever come out ahead from this quota? 1Why or why not? Can the ROW ever come out ahead from this quota? Why or whv not