3. The domestic demand for portable radios is given by, Q=D(P)=5000-100P, where P is measured in dollars and Q is measured in number of radios per year. The domestic supply curve is given by Q=S(P)=150P. (a). (5 points) What is the domestic equilibrium in the portable radios market? (b). (10 points) Suppose portable radios can be imported at a world price of $10 per radio. If there were no trade barriers, what would the new market equilibrium be? How many portable radios would be imported? (c). (5 points) If domestic radio producers succeeded in having a $5 tariff implemented, how would this change the market equilibrium? How much would be collected in tariff revenues? (d). (5 points) What is the change in consumer surplus because of the tariff? (e). (5 points) What is the change in domestic producer surplus because of the tariff