Graph and discuss all the effects of free trade on exporting and importing countries' welfare in detail. (5 points)

• Compare it to the welfare from protected trade and autarky. (5 points)

We also talked about quotas. Please discuss the effects of quotas on domestic prices and economic welfare within the home country when it imposes such a restriction. (2.5 points)

• Compare it to tariffs. What's similar? What's different? (2.5 points)