PROBLEM (5) (tariff) The domestic (US) demand and supply for soy is p= 80 - Qo and p= Qs+ 10 respectively. US market is very small relative to the world market, and the world (equilibrivm) price is $20. Draw one graph for the market marking all intercepts and intersections to help vou with {2) and (b} belowr, {a) If there is NO trade, what is the C5, PS, net domestic benefits, DWL? (b} If there 15 free trade, what is the C5, P5, net domestic benefits, DWL? How many units are imported? Mow the state imposes a tariff of dollars per unit. () What should be the tanff amount t to maximize tariif revenees? In this case, what is the WIL? {d) What should be the tariff amount t so that consumers and producers equally well off {CS equals P5)? (e} What should be the tariff amount t to maximize P57 {) What is the most efficient tariff amount t? What is the (eas! efficient tariff amount t7 (i.e. that minimizes and maximizes WL respectively.)