5. England's inverse demand port wine [in barrels] is P\" = 35 Q\". There is a single monopoly producer of port in England. Their marginal cost function is given by MC = 15+ Q5. a. [i.] Suppose that there is a perfectly elastic world supply of port available at a price of 15. Find the price and quantity of port when England allows free trade. [ii.] Now suppose that the government levies a tariff of 1.5 on foreign port. Find the price and quantity of port sold by domestic and foreign companies. [iii] Provide an extremely well-labeled graph of your answer. [iv] Calculate the total welfare under free trade and with the tariff b. Now suppose that the English port monopolist can be protected by a quota that limits imports to the same level as with the 15 peso tariff. [1] Find the price and quantity of port sold by domestic and foreign companies. [ii.] Would the English port monopolist prefer a tariff of 1.5 or a quota that limits imports to the same level? Explain your answer by noting the change in English producer surplus {if there is no change, then note that they are indifferent]. (iii.] Calculate welfare with the quota and compare it to the welfare you calculated with the tariff assume that foreign exporters keep all quota rents. {iv} Provide an extremely well-labeled graph of your