d. Shade the area of the consumer surplus (CS) and producer surplus (PS) after the economy opens to free trade on Graph B above. Calculate the value of consumer surplus (CS) and producer surplus (PS). Set III. Open Economy to Trade (with Tariff) Use the following information to answer questions a) ~ h) (). Suppose that the government enforces a tariff of $6 on each imported Smart watch, and the world price is $38 per Smart watch. Graph C: Smart watch (w/tariff) Supply: P = 4Q5+8 80 60 56- P1-44 PW- 38 20 Demand: P = -2Qd+80 12 20 40 a. What is the quantity complied he domestic producers after the tariff's implementation?_ b. What is the quantity demanded by domestic consumers after the tariff's implementation?_ C. How many Smart watches will the country import or export after the tariff's implementation?_ d. Calculate the value of consumer surplus (CS) and the value of producer surplus (PS) for the Smart watch market after implementing the tariff. CS w/Tariff = and PS wiTariff =_ I e. Calculate the value of total tariff revenue. Tariff Revenue = E Calculate the dead weight loss. DWL = g Rank the consumer surplus (CS) for the three scenarios below from the highest to the lowest Option 1: the Smart watch market without trade. Option 2: the Smart watch market with free trade. Option 3: the Smart watch market with the tariff h. Rank the producer surplus (PS) for the three scenarios below from the highest to the lowest Option 1: the Smart watch market without trade. Option 2: the Smart watch market with free trade. Option 3; the Smart watch market with the tariff