6.Assume the US imposes a $10 tariff on Swedish hot tubs being imported to the US.Graph the effects of this tariff, showing the following items on the graph: (10 points)

• consumer surplus
• producer surplus
• government revenue
• deadweight loss
• what happens to the price after the tariff
• what happens to quantity of supply and demand after the tariff

Use letters to label the different areas on the graph where needed.

7.Why does deadweight loss occur with a tariff?Give an example of how it works with a product of your choice.