. Assume that the United States, as a steel-importing nation, is large enough that changes in the quantity of its imports inuence the world price of steel. The Demand and Supply schedules are shown in the following gure. 3 sue 475 ................... I I I I I J I I I I I I I I I I I I I I I 5 10 20 30 40 50 55 Toned a, With free trade, what is the equilibrium price of steel? At this price, how many tons of steel are purchased by US, buyers? How many are supplied by domestic producers? And, how many are imported? (5 points) b. To protect its producers from foreign competition, suppose the US. government levies a tariff of $100 per ton on steel imports. With the tariff, What is the domestic price of steel? At this price, how many tons of steel are purchased by US. buyers? How many are supplied by domestic producers? And, how many are imported? (5 points) 0. Calculate the consumption, protective, redistribution, domestic revenue, and tenns-of-trade effect. (15 points) d. What impact does the tariff have on the overall welfare of the United States? (5 points)