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ciples of Microeconomics Spring 2021 ion 28: (15 points) Suppose that solar panels are produced in the US and China, but the US is the only country in the world where solar panels are sold (i.e., the world demand is the same as the US demand). The inverse demand for solar panels is given by p = 110 - Qd while the inverse supply of the US and China is given by p = 10 + 0.50; and p = 10 + 0.502 respectively. Find the aggregate world supply (HINT: Add the supply functions not the inverse ones) Find the free trade equilibrium price supply by the US and supply by China Show in a diagram: 16Consumer surplus in the US Producer Surplus in the US Suppose the US government imposes a tariff (tax) on Chinese solar panels of $10 for each Chinese solar panel sold in the US. (Hint: you need to shift the supply of Chinese solar panels. The price received by Chinese sellers and by US sellers will not be the same) The new world supply is Find the new world equilibrium with the tariff: Price paid by consumers Price received by Chinese sellers Price received by US sellers Production by US sellers. Production by Chinese sellers Find the Incidence of the tariff on US consumers US sellers. Chinese sellers 17