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IMPORT TARIFF-SMALL COUNTRY CASE CLASS ACTION: TRADE BARRIERS [100 points] Directions: - If the correct answer entails more than one alphabet letter, you must identify ALL CORRECT LETTERS and NO INCORRECT LETTERS. There is no partial credit. In each case, You may deploy one, more than one, or NO alphabet letters. If the event does not exist, write the null sign: . There is no credit for empty blanks. - If your answer requires you to respond with a single word or term, you must spell that word correctly. There is no credit for misspelled terms. - Each question is worth 1 point unless otherwise specified. A. Import Tariff-Small Country Case [21.5 points] Consult the graph Import Tariff-Small Country. You must indicate ALL correct components by WRITING ALL REQUISITE ALPHABET LETTER(S) IN THE BLANK. For example, - the (initial) consumer surplus in free trade is ABJHFC K - the (initial) producer surplus in free trade is and And remember, there may be NO correct answer. Be sure to put the null sign - -in those blanks; otherwise, you will lose the points allocated to that blank. In the move from free trade at the original global price Pg to "impeded trade" at a price Pg(1+t), report all alphabet letters necessary to completely identify 1. The gain to the producer surplus as a result of the import tariff: 2. The loss to the producer surplus as a result of the import tariff: 3. the gain to the consumer surplus as a result of the import tariff: 4. The loss to the consumer surplus as a result of the import tariff: 3. the total revenues collected by the domestic government 4. the production effect--the efficiency loss 5. the consumption effect-the welfare loss 6. the foreign consumers' willingness to pay for the change in domestic consumption resulting from this trade barrier 7. the domestic consumers' willingness to pay for the change in domestic consumption resulting from this trade barrier. 8. the foreign firms' opportunity cost associated with the change in domestic production resulting from this trade barrier 9. the domestic firms' opportunity cost associated with the change in domestic production resulting from this trade barrier