Assume that the United States, as a steel-importing nation, is large enough so that changes in the quantity of its imports influence the world price of steel. The U.S. supply and demand schedules for steel are illustrated in Table 4.14, along with the overall amount of steel supplied to U.S. consumers by domestic and foreign producers. Using graph paper, plot the supply and demand schedules on the same graph. a: With free trade, the equilibrium price of steel is $____ per ton? At this price, ____ tons are purchased by U.S. buyers, _____ tons are supplied by U.S. producers, and ____ tons are imported? b: To protect its producers from foreign competition, suppose the U.S. government levies a specific tarrif of $250 per ton on steel imports. Show graphically the effect of the tariff on the overall supply schedule of steel. Price/Ton Quantity Supplied Quantity Supplied (Domestic Demanded (Domestic) Imports) $100 0 0 15 $200 0 4 14 $300 1 8 13 $400 2 12 12 $500 3 16 11 $600 4 20 10 $700 5 24 9 From: undefined Source:ISBN: 1439038945 | Title: International Economics | Publisher: South-Western College Pub