Supply and demand curves for imported sugar in the Zitonia has been estimated by the commerce department to be: Q = 2.67 +0.047-0.17P and Qs =-3.33+0.83P, where Op is quantity demanded of imported sugar (millions of pounds); Os is quantity supplied of imported sugar (millions of pounds); I is national income index (currently I = 100) and P is price per pound (in cents) of imported sugar. 1. First use the above information to create a graph chart for supply and demand curves of imported sugar, clearly show the relevant intercept values for each curve. In your graph mark equilibrium price and quantity of imported sugar as you see it on your chart. (10 pts.) 2. Zitonia's government decide to protect domestic producers by imposing a 20 cents tariff per pound (import tax, use 20 not $.20) on imported sugar. (Hint: supplier must add 20 cents to the price of sugar and pass it to government, as you saw in the video). Use your equations to calculate the new price consumer must pay, the quantity of imported sugar, government revenue, and net price importers will receive per pound. (10 pts.) 3. How would imposition of tariff on imported sugar impact domestic sugar supply? Use a generic graph to show the impact. Would tariff impact the market for sugar substitute (such as high-fructose corn syrup)? No calculations are needed here, just show it graphically. (10 pts.) 4. Finally, suppose that Zitonia's income grows by a 25% this year. Calculate the new equilibrium price and quantity for the imported sugar. Use the supply equation with 20 cents tariff on the imported sugar. (10 pts.)