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3. (12 points). Turkey, a large country imports cotton from the USA. The supply and demand curves of cotton in Turkey are given below Qd='l 4-0.5P Qs=0.5P-5 The USA export supply curve (ES) of cotton is given by: ES=-11+P a. Find the world price PW of cotton and the quantity of cotton imported by Turkey under free trade (2pts). b. The US is granting their exports a specific subsidy equal to 5:4. Find the export country price Pexp and the importing country price Pimp and the volume of trade (4pts) c. Calculate the Net welfare effect of the subsidy on Turkey economy and the USA economy (4pts). d. Export subsidy is quite controversial in world trade. What action (5) a country can take against what seems to be an unfair trade (2pts)