4. Effects of a tariff on international trade The following graph shows the domestic supply of and demand for soybeans in Venezuela. Venezuela is open to international trade of soybeans without any restrictions. The world price (Pyy) of soybeans is $530 per ton and is represented by the horizontal black line. Throughout this problem, assume that the amount demanded by any one country does not affect the world price of soybeans and that there are no transportation or transaction costs associated with international trade in soybeans. Also, assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. 845 810 + Supply 775 - + + 0 + I I 2 1 1 g 75 + 1 1 1 1 o g70 + 3 1 1 = 635 1 i 2 600 l I 4 = E 1 Demand ws 1 Lo, 1 1 w 530 # 495