Consider an economy which does not trade with the rest of the world and where the supply and demand for beer is given by: Q d = 120 10P and Q s = 5PSuppose this country opens up to trade with the rest of the world and that the world price of beer is $6. How much beer is produced and consumed domestically, and how much is imported or exported? Calculate CS and PS. Draw a diagram, label the world price and indicate domestic production and consumption as well as CS and PS