Question 1: Argentina has a lot of land and can raise many cows for theprgduction of beef. It doesn't have climate which is suitable for the production _o_f corn. It has a comparative advantage in beef. The US, on the other hand, has a comparative advantage in corn. a. If the US is a closed economy, how does the price of corn in the US compare to the world price of corn? How does the price of beef in the US compare to the world price of beef? b. Suppose Argentina and the US decide to trade with each other. 1. ii. iii. iv. v. What good is the US going to export to Argentina? How are US consumers of beef affected? How are US workers in the beef sector affected? How are US consumers of corn affected? How are US producers of corn affected? c. Suppose Argentina imposes tariffs on corn imports. Please use a graph to show how this policy affects Argentinian imports of corn. Please label the consumer and producer surplus before and after the tariff as well as the government revenue and the deadweight loss. For these labels, you can use area or point labels to designate. Price $700 $600 $500 $400 AAAAAAAA E ................. }\"'d,u AAAAAAAAAAAAAAAAAA E AAAAAAAAA if $300 $200 $100 ......... ________ ________ Demand 2,000 4,000 6.000 8,000 10,00012.00014,000 Quantity of Tablet; Demumlell