I . OCENGAGE | MINDTAP It Homework (Ch 09) Suppose Colombia is open to free trade in the world market for soybeans. Because of Colombia's small size, the demand for and supply of soybeans in Colombia do not affect the world price. The following graph shows the domestic soybeans market in Colombia. The world price of soybeans is PW = $400 per ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). (9 1300 Domestic Demand Domestic Supply l' 1200 1100 CS 1000 1" 900 PS 300 700 PRICE (Dollars per ton) 500 500 400 300 | | l l | | | | | 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Tons of soybeans) If Colombia allows international trade in the market for soybeans, it will import C] tons of soybeans. Now suppose the Colombian government decides to impose a tariff of $200 on each imported ton of soybeans. After the tariff, the price Colombian consumers pay for a ton of soybeans is , and Colombia will import: tons of soybeans. Show the effects of the $200 tariff on the following graph. Use the black line (plus symbol) to indicate the world price plus the tarif. Then, use the green points (triangle symbols) to show the consumer surplus with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tari' and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the tariff. CENGAGE | MINDTAP Homework (Ch 09) symbols) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the tariff. ? 1300 - Domestic Demand Domestic Supply + 1200 World Price Plus Tariff 1100 1000 900 CS 800 PRICE (Dollars per ton) 700 PS 600 500 Government Revenue PW 400 300 5 10 15 20 25 30 35 40 45 50 DWL QUANTITY (Tons of soybeans) Complete the following table to summarize your results from the previous two graphs. Under Free Trade Under a Tariff (Dollars) (Dollars) Consumer Surplus Producer Surplus Government Revenue Based on your analysis, as a result of the tariff, Colombia's consumer surplus by $ , producer surplus by $ , and the government collects $ in revenue. Therefore, the net welfare effect is a of