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2: IMPORT TARIFF: Use the gures above. Starting from Free Trade, suppose the FOREIGN imposes a 2$ tax on imports. a) Show how the Import Tariff affects the Excess Demand Curve and Equilibrium World prices. 1)) What happens to free-trade equilibrium output, consumption, and importsfexports in each country when the import tariff is imposed. Show in the ED-ES diagram and explain. c) Does HOME gain from this (eg does the surplus rise)? Show and explain. EG identify what happens to consumer and producer surpluses in Home due to the tariff. Hint: you can use the ES- ED gure for this. (1) Does FOREIGN surplus rise? Show and explain. EG identify what happens to consumer and producer surpluses in Foreigi. Hint: you can use the ES-ED gure for this. 3: EXPORT TARIFF: Suppose instead that the exporter imposes a 213 tax on exports. a) Show how the Export Tariff affects the Excess Supply Curve and Equilibrium World prices. 1)) What happens to free-tIade equilibrium output, consumption, and importsfexports in each country when the import tariff is imposed. Show in the ED-ES diagram and explain. c) Does HOME gain from this (eg does the surplus rise)? Show and explain. EG identify what happens to consumer and producer surpluses in Home due to the tariff. Hint: you can use the ES- ED gure for this. (1) Does FOREIGN surplus rise? Show and explain. EG identify what happens to consumer and producer surpluses in Foreign. Hint: you can use the ESED gure for this. 4: TRADE WARS: Now suppose the exporter imposes a 2$ taiiif on exports and the importer simultaneously imposes a 2$ tariff at the same time. a) TWhat happens to free-trade equilibrium world p1ice? What about output, consumption, and irnportstexports in each country. Show in the ED-ES diagram and explain. b) Does any of the countries gain by this? Explain fully c) Given your results from all of the above, would both countries be better o? by simply sticking to free trade?