2. The Trump Tariffs and Surplus: Let us consider the implications of one of the Trump administration's first tariffs, on household washers and dryers, which are often imported from South Korea a. What will the tariff have meant for the price of washers and dryers in the US and for imports of these goods from South Korea and elsewhere? b. Starting from the situation under free trade, show on a graph and explain who loses and who gains from a tariff on washers and dryers. C. Does the US as a whole gain or lose? How can we tell from the graph? d. Another policy option would have been to impose a quota on the importation of washers and dryers from South Korea. In what way, if any, would the welfare effects, on surplus, of a quota have differed from the welfare effects of applying a tariff and can we see this on the graph? e. (Optional for extra credit): If the administration wished to support output in the domestic, American washer-dryer business, what would be a way to do this with a lower welfare cost? 2. The Trump Tariffs and Surplus: Let us consider the implications of one of the Trump administration's first tariffs, on household washers and dryers, which are often imported from South Korea a. What will the tariff have meant for the price of washers and dryers in the US and for imports of these goods from South Korea and elsewhere? b. Starting from the situation under free trade, show on a graph and explain who loses and who gains from a tariff on washers and dryers. C. Does the US as a whole gain or lose? How can we tell from the graph? d. Another policy option would have been to impose a quota on the importation of washers and dryers from South Korea. In what way, if any, would the welfare effects, on surplus, of a quota have differed from the welfare effects of applying a tariff and can we see this on the graph? e. (Optional for extra credit): If the administration wished to support output in the domestic, American washer-dryer business, what would be a way to do this with a lower welfare cost