Draw a diagram symmetric to figure 7.1 presented in class to analyze the effects of an import subsidy for a product in a small open economy

Symmetric to this one (this one is import tariff, but I am asking for import subsidy)

Welfare : free trade face price I just pt free trade a ( CITE ) (s atbadge -f+9 PS itarie revenue TR| OCno TR under free trade ) A - B EFF wathtotalfe+f forms, produce + 9 Consumptive boo maus face the price is is discouraged . being raised - encourage to produce more ( ) Welfare : Tariff if too much ( cost ! ! ) face local price = p citt ) Tariff or , ( ( ose welfare ) atd lower consumer's surplus with a rise in local price per PS bt c unit tariff new income leve * [P W atbietd +f Welfare Change free trade Change CS atb+ d tetfatd - (breff +9 )