For part 2b, to find what consumers spend, because the question is in tons and 1ton=2000, do we need convert the answer?

2 Import Demand (25 points) a) (10 points) Draw a domestic market for sugar with a supply of P = .2+ .1Qs (note: price is per pound and quantity is measured in thousands of tons) and a demand of P = 5 - .2Qp. b) (5 points) If the world price of sugar is $1.20, how much money do consumers spend on imported sugar? ECON 333 HW 2 Page 2 c) (5 points) If a tariff of $0.20/pound is imposed, how many pounds of sugar are imported? What is the tariff revenue? d) (5 points) Draw the import demand curve for sugar in the domestic (small country) market. Be sure to label your axes and intercepts