Imports, Exports, Tariffs and Quotas 15 Assume that Asgard has just opened its doors to trade with Earth. Draw the following scenarios on the graphs below. Asgard's Market for Hammers P Asgard exports hammers to Earth. a. Draw the correct world price line. b. Label consumer and producer surplus after trade. P K Asgard's Market for Cheese Asgard imports cheese from Earth. a. Draw the correct world price line. P b. Label consumer and producer surplus after trade. q Asgard imports cheese from Earth. They introduce a tariff to protect domestic producers. a. Draw the correct world price line. b. Label consumer and producer surplus after trade and the tariff. c. Label any areas deadweight loss. . d. Label the area of tax revenue. Asgard imports cheese from Earth. They introduce a quota to protect domestic producers. a. Draw the correct world price line. b. Label consumer and producer surplus after trade and the quota. c. Label any areas deadweight loss. D d. Label the area of importer profit. Scanned with CamScanner