1. The figure below describes the demand and supply for a large economy, the Home Country, and the Rest of the World. Without any barriers to trade the world price is 300. We would like to understand what happens when the Home Country introduces an import tariff of 60. After imposing the tariff, the international price drops from 300 to 275. However, consumer needs to pay the tariff and, therefore, the cost for consumers is 275+60=335. Using the labels reported in the graph, indicate the value of the following items: . Consumer surplus before the tariff: - Home country: - Rest of the World: . Producer surplus before the tariff: - Home country: - Rest of the World: . Consumer surplus after the tariff: - Home country: - Rest of the World: . Producer surplus after the tariff: Home country: - Rest of the World: . Government revenue after the tariff: Home country: - Rest of the World: . Net gains for the countries due to the tariff: Home country: - Rest of the World:Domestic market Rest of the World A Price paid 335 by consumers 1 B F G After tariff International Price 300 H J who tariff 275 M International Price N with tariff 0.6 0.85 1.35 1.6 0.5 1.5 0.55 1.05