7. Use the graphs below for a small country to answer the following questions. Note that P" is the world price and t is the tariff rate that a country imposed on imports. The graph in panel (a) shows the effect of tariff immediately after the date of imposition; the graph in panel (b) shows the future effect (after 5 years of tariff) after removal of the tariff. (a) Today (b) Future Price MC Price Mr pw + t PW D D2 D Quantity D, Quantity a. Indicate the amounts of domestic production and imports before the imposition of import tariff. b. Indicate the amounts of domestic production and imports after the imposition of import tariff. C. Indicate the amounts of imports and domestic production after the removal of import tariff 5 years after the date of the initial imposition. d. Show the producer surplus created in 5 years as a result of the protection e. Show the dead weight loss resulted from the import tariff for the five years the firm was protection by tariff. What is the net effect on the country after five years of protecting this infant industry