1) Use a supply and demand graph to illustrate the effects of an import tariff on various groups in a small open economy. (25 points total) a) Draw a graph and label areas of the graph that represent changes in welfare linked to the tariff. (5 points) b) Identify the area(s) relevant to consumers and indicate whether they represent losses or gains to the consumer. (5 points) c) Identify the area(s) relevant to producers and indicate whether they represent losses or gains to the producers. (5 points) d) Identify the area(s) representing revenue that accrues to the government and indicate whether the government gains or loses tariff revenue as a result of the tariff (6 points) e) Identify the area(s) associated with a net loss or gain to the economy as a whole as a result of the tariff, and explain whether the tariff imposes net losses or net gains to society (5 points).