1. England's inverse demand and supply functions for port wine [in barrels} are: P\" = 35 QD, P5 = 6+ Q5. Portugal has the following inverse demand and supply functions for port wine: PD" = 35 (113', P5' = (15*. a. Derive the import demand and export supply for England and Portugal. b. Now allow England and Portugal to trade with each other, at zero transportation cost What is the world price? What is the volume of trade? c. Suppose that England imposes a specic tariff of 2 per barrel. Calculate the effects of the tariff on the following: {1] the price of wine in each country; {2} the quantity of wine supplied and demanded in each country. d. Show graphically and calculate the effect of the tariff on the welfare of each of the following groups: {1] English import competing producers; [2} English consumers; [3] the English government. Make sure to calculate the welfare of each group before and after the tariff. What is the total change in English welfare from the tariff? e. Show graphically and calculate the effect of the tariff on the welfare of each of the following groups: [1] Portuguese producers; [2] Portuguese consumers; [3] the Portuguese government. Make sure to calculate the welfare of each group before and after the tariff. What is the total change in Portuguese welfare from the tariff? f. What is the tariff's total effect on combined welfare in England and Portugal