6. Answer the questions on the right based on the following scenario: Barriers to Trade Scenario: You own Steelco. a U.5.-based company that produces steel. You and other U.S.-based steel producers have been losing customers to Chinese producers, who charge a lower price for their steel. One of the other steel companies convinced the U5. govemment to impose a tariff on Chinese steel, and you want to identify how the tariff will impact how much steel you should produce. Information: I Chinese Steel 0 Current price of Chinese steel per metric ton = $600 O Tariff = $500 added per metric ton of Chine steel imported into the US. 0 Price of Chinese steel per metric ton after the tariff = $1.100 O Current quantity of Chinese steel imported from China to the us. each year = 2 million metric tons 0 All other U.S. steel producer 0 Without the ta riff and with China producing 2 mil lion metric tons of steel at $600 all other steel manufacturers would produce = 1 million metric tons of steel. 0 Without China in the market. it estimated that all other US. steel manufacturers will produce 2.5 million metric tons of steel at an equilibrium price of $900/metric ton of steel. 14 3 points )9 a. Draw a supply and demand curve showing the supply and demand for U5.- produced steel before and after thetari. z : hBIU-!-L >9::iE 14p't v Paragraph v Ev E EH 5" r. .uE 1 point 59 b. What is the estimated equilibrium price of U5. steel without imported Chinese steel? . 31Ug-!-1; x.::5 14P't v Paragraph - Ev E E5 5 1. .uiE 1 point 59 c. What is the estimated quantity of U.5.-produced steel without imported Chinese steel? ._ nlUgvlvlii X'X.::E 14p't - 7Eon Paragraph - 1 point 59 d. Identify and explain who will make and lose money from this tariff. . hBlUv!v1; x.::5 \"M v Paragraph - v E E5 5 1. .uiE 18 4 points e. Identify people and organizations that benefit from and suffer because of the tariff (2 points). Include how the tariff will impact your company (2 points). BIU A A E 14pt Paragraph