Derive the U.S. import demand for beer. Assume that the own price elasticity of beer is -1.25 (This is in the middle of actual estimates) and that import demand equals zero at domestic production costs (Perfect Comp). Finally assume that foreign production costs (incl. shipping) are 80% domestic costs. Once you have this determine the welfare impacts of a $ 5.00/Barrel tariff.Note: If you are not comfortable with calculus you may also assume that the demand is linear over the affected range (it is not). List all data sources