Assume you get a job at the State Department looking at domestic and global soybean markets. You know that the domestic price of soybeans without trade is $10 per pound and 100 pounds of soybeans are sold. If the market is completely open to free trade, the world price of soybeans would rise to $16 per pound. The State Department is considering imposing a tariff on soybeans, which would lower the price to $14 per pound. Your boss has asked you to analyze the economic effect of this tariff using the chart and answering the questions below A $16 D B E $14 G H $10 M L K 30 50 100 150 180 4. With the tariff imposed, how many soybeans will be exported? 5. With the tariff imposed, are consumers better or worse off compared to free trade? Are producers better or worse off compared to free trade? How can you tell? 6. With the tariff imposed, what letter or letters represents the government's revenue as a result of the tariff? 7. Compared to the free trade position, has overall economic welfare increased or decreased as a result of the tariff! How can you tell? Assume you get a job at the State Department looking at domestic and global soybean markets. You know that the domestic price of soybeans without trade is $10 per pound and 100 pounds of soybeans are sold. If the market is completely open to free trade, the world price of soybeans would rise to $16 per pound. The State Department is considering imposing a tariff on soybeans, which would lower the price to $14 per pound. Your boss has asked you to analyze the economic effect of this tariff using the chart and answering the questions below A $16 D B E $14 G H $10 M L K 30 50 100 150 180 4. With the tariff imposed, how many soybeans will be exported? 5. With the tariff imposed, are consumers better or worse off compared to free trade? Are producers better or worse off compared to free trade? How can you tell? 6. With the tariff imposed, what letter or letters represents the government's revenue as a result of the tariff? 7. Compared to the free trade position, has overall economic welfare increased or decreased as a result of the tariff! How can you tell