In March 2002, then President George W. Bush put a tariff on imported steel as a means of protecting the domestic steel industry. Draw the supply and demand graph for this scenario. Be sure to label supply, world supply, demand, and the quantity produced domestically and demanded, both before and after the tariff is implemented. Also, label the tax revenue, the two deadweight loss triangles, and the gain to producer surplus.

^(DONT NEED ANSWERED/ALREADY ANSWERED)^

Continuing from question above, let's apply some numbers and calculate the effects of the tariff. In February 2002, before the tariff went into effect, the U.S. produced 7.4 million metric tons of crude steel and imported about 2.98 million metric tons of steel products at an average price of $363 per metric ton. Two months later, after the tariff was in effect, US. production increased to 7.9 million metric tons. The volume of imported steel fell to about 1.7 million metric tons, but the price of the imported steel rose to about $448 per metric ton.(NEED ANSWERED)

Calculate the following:(NEED ANSWERED)

A) The tax revenue received from the tariff

B) The value of the wasted resources and lost gains from trade (deadweight loss) created by the tariff