5. There is currently significant policy discussion in Australia about natural gas ex- ports. Some facts for you: - Australia is a net exporter of natural gas, exporting around 70% of domestic production. - The ongoing Russian invasion of Ukraine has resulted in a significant increase in the world price for gas. - Many natural gas firms in Australia are significantly foreign-owned. And now some questions: a) What is the effect of the increase in world price of gas on the market for gas in Australia. Show this on the appropriate international trade diagram, and explain what is happening on your graph. b) In light of the effect this has had on Australian consumers, the government is considering trade restrictions to lower the domestic price of gas. (i) Describe three policy interventions the government could use to lower the effective price of gas for domestic consumers. (ii) Of these three policies which would you recommend the government implement and why. c) As many firms which produce and export natural gas are foreign-owned, it may not be appropriate to include them in discussions of (domestic) producer surplus. For ease of analysis in this question assume all gas firms are entirely foreign-owned, and so should not be included in producer surplus. (That is, domestic producer surplus is always zero). How does this change your analysis in part (b)