5) Consider the following situation for a nation in a small-country setting that has an import quota on men's shirts. With Quota Free Trade Price $45 $30 Quantity Purchased 1 million 1.2 million Domestic Quantity Supplied 400,000 300,000 Quota 600,000 None (a) Illustrate the effects of the quota in a supply and demand framework. (b) Indicate in your diagram and calculate: i. The loss of consumer surplus ii. The gain in domestic producer surplus iii. The deadweight losses iv. The quota rent