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Please answer the question. 5) This question relates to the welfare effects of a small tariff. a Decompose the welfare effect of a small tariff

Please answer the question.

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5) This question relates to the welfare effects of a small tariff. a Decompose the welfare effect of a small tariff into its three components and explain each of them. (3 marks) b) Suppose that the fruit industry abroad is currently a monopoly. The government is considering a tariff on imports of fruit. Will such a tariff necessarily be welfare improving? Explain with the help of your decomposition in part a) above. (4 marks)

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