80 World Price plus Tariff D 60 World Price H 40 Demand 20 (U.S.) 10 20 30 40 50 60 70 80 90 100 110 120 Quantity The graph above depicts the demand and supply in a local market along with the world price and an imposed tariff. 1. Use the lettered names for the areas depicted above to indicate (1 point each): a. Consumer surplus with free trade (no tariff) AB, C. D . F. EG b. Producer surplus with free trade c. Consumer surplus after the imposition of the tariff A IB d. Producer surplus after the imposition of the tariff 2. Calculate the change in Total Economic Surplus that results from the tariff (5 points). 40 + 100 = 160 Consumer + producer = total 3. Calculate the Dead Weight Loss that results from the imposition of the tariff (4 points). 40- 60 =-20 (- 300 0. 5 x ( Q1 - Q 90-60= 30 0 . 5 x 6 90 - 60 - 20 x 30 / 2 0. 5x ( 30 )( - 20 4. Calculate amount of revenue raised from the tariff (4 points). = - 31 20 Price x Quanity 800 / 17 poi