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kindly solve this question The figure describes the Laotian market for cheese where free trade is allowed. Suppose the world price of cheese is $6

kindly solve this question

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The figure describes the Laotian market for cheese where free trade is allowed. Suppose the world price of cheese is $6 per pound and that Laos imposes an import tariff of $2 per pound on foreign cheese. Move the price line to describe the new price with the tariff and place the consumer surplus (CS) and producer surplus (PS) areas to describe the new welfare situation. Laotian market for cheese 20 Domestic supply 18 L CS 10 PS 14 Price of cheese ($ per pound) 10 Price line Domestic demand 12 18 20 24 28 32 36 Quantity of cheese (millions of pounds)

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