c. Suppose tariff revenues are rebated directly to consumers of the prod- uct. Were they better off under a closed economy, under free trade, or under the tariff regime?2. Market supply and demand are given by: Q" = 100 - 2P Q5 = 8P a. What are the equilibrium price and quantity? b. Suppose the economy opens up to trade, and the product can now be imported at $5 per unit. How much is now consumed? How much is imported and how much is produced domestically? c. Suppose the industry paid lobbyists to convince Congress to vote for a tariff to protect domestic production. There is now a $3 tariff on the imported product. What is the new equilibrium amount consumed, and how much is imported and how much is produced domestically? d. How much (domestic) producer surplus is gained under the tariff? How much are tariff revenues? How much consumer surplus is lost