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Question 15 10 pts Cement is made by heating limestone and separating the lime from CO2 which goes into the atmosphere along with CO2 from fossil fuels used to generate the heat. In the province of Lotusland, the domestic supply curve has a vertical intercept at $50/cubic yard and rises linearly with production. The Lotusland government imposes a carbon tax at the social cost of carbon (SCC). This tax increases marginal costs of production for cement made in Lotusland by $20/cubic yard. The Lotusland tax does not apply to cement made in other countries and those countries do not impose their own carbon taxes either. 1. Show the effect of the carbon tax on price, quantity, and efficiency (DWL) first assuming that transport costs of cement are prohibitively high (meaning that there are no imports in equilibrium even after the tax.) For graphing purposes make the equilibrium price before the tax $150 per cubic yard. 2. Now allow for a perfectly elastic supply of cement from abroad at a price of $100 per cubic yard. Show the new price, quantity consumed, imports and domestic production in a second figure. 3. Would an import tariff of $20 lead to a rise or fall in economic welfare? Show your answer in a third figure. Explain your result. Note: draw all 3 figures on one page and attach only one file to the next question. HTML Editor : B IYA . A . I E B 3 J E X X, :E AND 12p Paragraph