Below is the a very popular figure (diagram) commonly used in textbooks on international trade to compare the tariff to a quota in the case of an importing country. Price P P a Where: Consumption, output and revenue effects of tariff and quotas R N Co Pw = world price for the commodity Pt= Pw+tariff P = Domestic equilibrium price Dp B Quantity Do domestic demand represented by Qd=100-4P So = domestic Supply represented by Qs=10+2P Let Pw = $5 Suppose the commodity in question was beef and the importing country was Zambia. Use the provided information to calculate the following: (a) price difference between world price and domestic price [2] (b) quantities produced, consumed and traded at Pw [4] (c) welfare effects of imposing an import tariff of $3 on beef [10] (d) What will be the difference in welfare impacts if the import tariff was replaced by an import quota? [4]