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PRICE 10 S w N D 10 20 40 60 QUANTITY Consider the graph above. The US is an importer of pet food. The current

PRICE 10 S w N D 10 20 40 60 QUANTITY Consider the graph above. The US is an importer of pet food. The current international price of pet food is $2.00. (a) If there are no barriers to trade, what will be the following quantities? 1. Domestic production 2. Quantity demanded 3. Quantity imported (b) If the US is a small importer and the government imposes a $1unit tariff, what will be 1. Price of pet food in US? 2, Quantity produced in US? 3. Quantity imported? 4. The welfare loss? (c) What is the quota equivalent of the aforementioned tariff

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