1. Switzerland is a \"big player\" in the market for high-precision analog micro- machinery (small gears and mechanical systems uses in watches and other analog devices) . Their exports account for a large share of the world market in this type of components. (a) Use a diagram of the home/domestic Swiss market to illustrate the wel- fare consequences of the export subsidy for Swiss buyers and producers of these components. Is the Swiss private sector (taken together) better off? Mark areas on your diagram and fill the table below. Shade the area corresponding to their gains /losses induced by the subsidy. Welfare_Free Trade Welfare_Export subsidy Welfare_Change Home consumer Home producer Home private sector Government sector Mational (b) Use a diagram of the World Market to illustrate the consequences of the Swiss government introducing an export subsidy for the welfare of the foreign country. Mark areas on your diagram and fill the table below. Shade the area corresponding to their gains/losses induced by the sub- sidy. (Private sectors are non-government sector, it consists of consumers and producers,) Free Trade ExErt Subsidx Home private sector(Producer) Foreign private sector{Consumer) Home Government Home overall