President Rodrigo Duterte has ordered that tariffs on pork imports be temporarily reduced to resolve the country's undersupply of pork.Duterte signed Executive Order No. 128 on Wednesday, lowering tariff rates on fresh, chilled, or frozen pork meat "to address the existing pork supply shortage, stabilize prices of pork meat, and minimize inflation rates."

Among others, under EO 128, the tariff rate on pork imports under quota or the minimum access volume (MAV) is reduced to 5 percent for the first three months of the order's validity and to 10 percent for the fourth to 12 months of the order's effectivity. .....After the 12th month of effectivity, the tariff rate will be reverted to the current rate of 30 percent for in-quota imports.....

-- newsinfo.inquirer.net, April 7, 2021

1)Draw the market supply and demand curves reflecting the situation before and after the tariff is reduced (provide only oneset of graphs).Please label your graphs carefully.There is no need to provide specific values; focus on the general concept.

2) Does this policy promote efficiency?What happens to consumer surplus, producer surplus and total surplus after the tariff is reduced? Explain using the graph that you sketched in #1) above.

3) Is this policy equitable?Explain briefly in terms of the fair results view and fair rules view.

4) On balance, do you think this is a good economic policy?Explain by identifying the parties who are helped and hurt by the policy?Does the benefits outweigh the losses?