IV. Open Economy to Trade (w/Quota) Use the following information to answer questions a) ~ {) j). Suppose that the government introduces a quota allowing imports of 6 units instead of enforcing tariffs. Suppose that the world price is $38 per Smart watch Graph D: Smart watch (w/Quota) Supply: P = 4Qs+8 80 6 60 Price 40 Pw=38 20 Demand: P = -20d+80 Co 10 12 16 20 40 Quantity a What is the quantity demanded by domestic consumers after the quota's implementation? b. What is the quantity supplied by domestic producers after the quota's implementation?_ C. How many Smart watches will the country import or export after the quota's implementation? d. Calculate the value of consumer surplus (CS) and the value of producer surplus (PS) for the Smart watch market after introducing the quota. CS w/Quota = PS w/Quota = e. Determine the value of total license holder revenue. License Holder Revenue = f. Determine the dead weight loss. DWL = Rank the consumer surplus (CS) for the three scenarios below from the highest to the lowest: Option 1: the Smart watch market without trade. Option Page 1