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1200 Domestic Demand Domestic Supply 1100 CS 1000 900 800 PS PRICE (Dollars per ton) 700 600 500 400 300 200 0 20 40 60

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1200 Domestic Demand Domestic Supply 1100 CS 1000 900 800 PS PRICE (Dollars per ton) 700 600 500 400 300 200 0 20 40 60 80 100 120 140 160 180 200 QUANTITY (Tons of soybeans) If Colombia allows international trade in the market for soybeans, it will import tons of soybeans. Now suppose the Colombian government decides to impose a tariff of $200 on each imported ton of soybeans. After the tariff, the price Colombian consumers pay for a ton of soybeans is $ , and Colombia will import tons of soybeans

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