[Note: Bragaland is a fictitious place made up by the instructor; having a made up place allows us to consider hypothetical situations]

Bragaland is a small country, too small to affect world markets. Bragaland produces oil, but it also imports some. Recently, Bragaland reduced the tariff that it had placed on oil imports from $10/barrel to $5/barrel.

What will be the effect of this tariff reduction over the following variables (be sure to provide a one sentence justification for all of them):

a) The price at which domestic sellers sell their own oil

b) The quantity of oil consumed by Bragaland buyers

c) The quantity of oil supplied by Bragaland sellers

d) Bragaland imports of oil

e) Consumer surplus

f) Producer surplus

g) The deaweight loss of the tariff