4. Tariffs Suppose New Zealand is open to free trade in the world market for wheat. Because of New Zealand's small size. the demand for and suppl'iur of wheat in New Zealand do not affect the world price. The following graph shows the domestic wheat market in New Zealand. The world price of wheat is Pw=$250 per ton. On the followlng graph, use the green triangle (mangle symbols) to shade the area representing consumer surplus (CS) when the economy ls at the freetrade equlllbrlurn. Then, use the purple tn'angle (dlarnond symbols) to shade the area representing producer surplus (PS). \fIf New Zealand allows international trade in the market for wheat. it will import Stuns of wheat. Now suppose the New Zealand government decides to impose a tariff of $60 on each imported ton of wheat. After the tariff, the price New Zealand consumers pa:r for a ton ofwheat is - and New Zealand will importEtons ofwheat. Show the effects ofthe $60 tariff on the following graph. Use the black line (plus symbol) to indicate the world price plus the tarili'. Then, use the green triangle ( triangle symbols} to show the consumer surplus with the tarilir and the purple triangle (diamond symbols} to show the producer surplus with the tariff. Lastly, use the orange quadrilateral {square symbols) to shade the area representing government revenue received hem the tarii'iF and the tan triangles (dash symbols) to shade the areas representing the net loss or deadweight loss (D Wt) caused by the tariff. \fComplete the following table to summarize your results om the previous two graphs, Under Free Trade Under a Ta ri (Dollars) (Dollars) Consumer Surplus I I I I Government Revenue 0 : Based on your analysis. as a result of the tariff. New Zealand's consumer surplus V by . producer surplus V by , and the government collects in revenue. Therefore, the net welfare effect is a_v