18 4 points e. Identify people and organizations that benefit from and suffer because of the tariff (2 points). Include how the tariff will impact your company (2 points). BIUA- AT 14pt Paragraph6. Answer the questions on the right based on the following scenario: 14 3 points Barriers to Trade Scenario: You own Steelco, a U.S.-based company that produces steel. You and other U.S.-based steel producers have been losing customers to a. Draw a supply and demand curve showing the supply and demand for U.S.- Chinese producers, who charge a lower price for their steel. One of the other steel produced steel before and after the tariff. companies convinced the U.S. government to impose a tariff on Chinese steel, and you want to identify how the tariff will impact how much steel you should produce. Information: BI U A . A . TEX' X, E Chinese Steel 14pt . Paragraph . . Current price of Chinese steel per metric ton = $600 o Tariff = $500 added per metric ton of Chinese steel imported into the U.S. Price of Chinese steel per metric ton after the tariff = $1,100 o Current quantity of Chinese steel imported from China to the U.S. each year = 2 million metric tons All other U.S. steel producer o Without the tariff and with China producing 2 million metric tons of steel at $600 all other steel manufacturers would produce = 1 million metric tons of steel. 15 1 point Without China in the market, it estimated that all other U.S. steel manufacturers will produce 2.5 million metric tons of steel at an b. What is the estimated equilibrium price of U.S. steel without imported Chinese equilibrium price of $900/metric ton of steel. steel? BI U A . A . TEX' XE 14pt . Paragraph . . . 6 16 1 point c. What is the estimated quantity of U.S.-produced steel without imported Chinese steel? he BI U A . A . LEX'X, 14pt Paragraph . . & 6 17 1 point d. Identify and explain who will make and lose money from this tariff. BI U A . A . I X' X, 14pt Paragraph . . . 6