Indian government is planning to impose a 10 per cent import tariff on gold. Assume that the total demand for gold in the Indian market without tariff would be 800 tons in a year, at an international price of US$ 50 mn per ton of gold. The domestic supply of gold would be 100 tons. Also assume that the price elasticity of demand for gold is -2.5 and price elasticity of supply of gold is 1. If the imposition of 10 per cent tariff results in an equivalent rise in the domestic price of imported gold, answer the following questions: a. How much will be the import of gold under free trade conditions? (1) b. When tariff is imposed what will be actual demand and supply for gold? (2) c. How much will be the new import of gold? (2) d. What will be the loss in consumers' surplus? (2) e. What will be the gain in producers' surplus? (2) f. What will be the tariff revenue to the government? (2) g. What will be the total protection cost? (2) h. Show the diagram indicating the above situation. (2)