4. Australia is a producer of beef but represents a small part of the world beef market. a) Draw a diagram showing autarky equilibrium in the Australian beef market without international 1Iade. Identify the equilibrium price and quantity traded, and consumer surplus and producer surplus on your diagram. b] Suppose that the world price for beef is above the Australia's autarky equilibrium price that would exist in the absence of trade, and that the Australian market is opened to trade. Identify the new equilibrium price and quantity demanded, the quantity produced in Australia, and the quantity of exports on your diagram. c) Show the change in consumer surplus and producer surplus for Australian consumers and producers