1. Consider the hypothetical example. For years, all noise cancelling headphones were produced in the US. Then, other countries began making them for cheaper, and due to free trade agreements, imports disrupted the domestic market in the US. Dre became upset that his \"Beats\" headphones couldn't compete with the imported headphones, so he lobbied congress to institute a protectionist tariff. Answer the following questions about the market for noise-cancelling headphones in the US, shown below. Price S 320 5 (domestic) World Price + Tariff World Price 50 D {domestic} 20 30 40 50 60 Q miliions a. What was the original equilibrium price and quantity before trade? 180 b. Under free trade, what was the quantity of imported headphones? 40 million 0. With the import tariff, what is the quantity of headphones produced in the US? 30 Million GLBL ST 102, Wegemer Homework #3 d. What area(s) represent the producer surplus in autarky? A e. What area(s) represent the producer surplus lost when the US moved to free trade? f. What area(s) represent the overall amount of benefit that US society gained from free trade (the area of consumer and/or producer surplus above and beyond autarky)? g. When moving fr0m free trade to an import tariff, what area(s) represent the amount of benefit that consumers lost? h. When moving from free trade to an import tariff, what area(s) represent the amount of benefit that producers gained? i. How much money did the government collect in taxes from the import tariff? State the area(s) and calculate the actual monetary value. F 50 mil-30 mil*20= $400 mill j. What area(s) represent the amount of value lost to society (\"deadweight loss\") due to inefficiencies associated with the tariff