Consider the diagram below for soybeans grown in Farmland. 70 Domestic Supply World Price PRICE (Dollars per unit of coffee) Domestic Demand 15 15 20 QUANTITY (Units of cofee) If Farmland decided to export soybeans; 1. What would the change in producer surplus be? 2. What would the change in consumer surplus be? 3. Is Farmland as a whole better off? Why? Consider the domestic market for wool socks in Knitville below. Domestic Supply Domestic Demand PRICE World Price + Tariff E /D World Price 4 6 6 7 8 9 10 11 12 QUANTITY 1. Without a tariff what is the total quantity of wool socks imported? 2. What happens to the amount of wool socks imported after the tariff is imported? 3. What is the deadweight loss from implementing the tariff? 4. Is knitland as a whole better off with the tariff? Why