1. Using a two-panel diagram, analyze the welfare effects of deficiency payment imposed by a small nation importer. Be sure to show changes in consumer surplus, producer surplus, social losses (DWC, DWC of overproduction, DWC of underconsumption), tax cost, consumption distortion, production distortions, and trade distortion on your diagram.

2. Using a two-panel diagram, analyze the welfare effects of a variable levy (tariff) imposed by a small nation importer. Be sure to show changes in consumer surplus, producer surplus, social losses (DWC, DWC of overproduction, DWC of underconsumption), tariff revenue, consumption distortion, production distortions, and trade distortion on your diagram.

3. Using a two-panel diagram, analyze the welfare effects of a per unit export subsidy imposed by a small nation exporter. Be sure to show changes in consumer surplus, producer surplus, social losses (DWC, DWC of overproduction, DWC of underconsumption), tax cost, consumption distortion, production distortions, and trade distortion on your diagram.

4. Using a two-panel diagram, analyze the welfare effects of a variable export subsidy imposed by a large nation exporter. Be sure to show changes in consumer surplus, producer surplus, social losses (DWC, DWC of overproduction, DWC of underconsumption), tax cost, consumption distortion, production distortions, and trade distortion on your diagram.