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Please help me I'm so lost 1. (12pts) Welfare Analysis of Different Trade Policies: Suppose Norway's demand for wi-fi speakers is given by the following

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Please help me I'm so lost

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1. (12pts) Welfare Analysis of Different Trade Policies: Suppose Norway's demand for wi-fi speakers is given by the following equation: P= 290-Q and Norwegian suppliers face the following supply equation P=20 + 0.5Q.. Further suppose the world price of wi-fi speakers is P =$60. a) (2pts) Draw a graph for the above supply and demand functions. (Recall: These are simply linear functions (e.g., y=b-mx and y=b+mx, with y being P and x being Q here). Numerically calculate social welfare (SW) in the Norwegian market for wi-fi speakers in autarky. (Recall: The area of a triangle is 1/2 base * height) b) (2pts) What would be social welfare in Norway for wi-fi speakers under free trade? Also, label your graph in part (a) showing the level of imports. c) (2pts) What would social welfare be under a tariff = $20? d) (2pts) What if the Norway instituted an import quota = 90 for wi-fi speakers. What would be the resulting level of social welfare? Suppose the "quota rent" goes to foreign suppliers. e) (2pts) What would be social welfare under a producer subsidy = $20? f) (2pts) Which of the following trade policies would you recommend if trade in wi-fi speakers appeared to be negatively affecting Norwegian workers in the industry? Why

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