Question 2 {13 market The graph below illustrates the domestic market for laptops. The domestic price of laptops is $40 and the world price of laptops is $15. bl d} Without any trade restriction, how many laptops are imported or exported in this market? {2 markel Suppose the government impose a 100% ad valorem tariff on imported laptops, discuss the consumption, production, trade, and revenue effects of this tariff. {4 market Calculate the deadweight loss resulted from the tariff. Show yourworking. {4 market Suppose the value of imported chips contributes to 80% of the value of domestic laptop production. The govemment has imposed a 50% tariff on imported chips. What is the rate of effective protection of the import tariff on laptops? Show your working. {3 marks}