3. Welfare effects of a tariff in a small country Suppose Nicaragua is open to free trade in the world market for soybeans. Since Nicaragua is small relative to the international market, the demand for and supply of soybeans in Nicaragua have no impact on the worid price. The following graph shows the domestic market for soybeans in Nicaragua. The world price of a ton of soybeans is PW=$250. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area represenbing producer surpius (PS). Because Nicaragua participates in international trade in the market for soybeans, it will import tons of soybeans. Now suppose the Nicaragoan government decides to impose a tariff of $60 on each imported ton of soybeans. Under the tariff, the price Nicaraguan consumers pay for a ton of soybeans becomes , and Nicaragua will import tons of soybeans. Use the following graph to show the effects of the $60 taniff. Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green points (triangle symbois) to show the consumer surpius with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastiy, use the orange quadrilateral (square symbols) to shade the area representing govemment revenue recelved from the tariff and the tan points (roctangle symbols) to shade the areas representing deadweight loss (DWL) caused by the taniff. Complete the following table to summarize your resuits from the previous two graphs. Based on your analysis, as a result of the tariff, Nicaragua's consumer surplus by , producer surplus by , and the government collects in revenue. Therefore, the net welfare effect is a of