Part I: Import Tariff and Import Quota with a Home Monopoly:Assume that the home country is a small open economy with a singledomestic firm (home monopolist) operating with a linear, upward slopingMC curve. With free trade, the home country can buy (or sell) goods at thefree trade pricepTwhich is below the HC's autarky price.1. Draw a graph that depicts the HC's economy with free trade. Carefullylabel the axis and identify domestic consumption, production, price andtrade under free trade