Question 2 (13 marks) The graph below illustrates the domestic market for laptops. The domestic price of laptops is $40 and the wortd price of laptops is $15. a) Without any trade restriction, how many laptops are imported or exported in this market? (2 marks) 13) Suppose the government impose a 100% ad valorem tariff on imported laptops, discuss the consumption, production, trade. and revenue effects of this tariff. (4 marks) T\"... : ii: iii S. .:.-La\" ii: iii Li'. .3; .: 3) b) d) ..!:t 1110 .110 - '1'- Without any trade restriction, how many laptops are imported or exported in this market? {2 marks} Suppose the government impose a 100% ad valorem tariff on imported laptops, discuss the consumption, production, trade. and revenue effects of this tariff. {4 marks} Calculate the deadweight loss resulted from the tariff. Show your working. {4 marks} Suppose the value of imported chips contributes to 80% of the value of domestic laptop production. The government has imposed a 50% tariff on imported chips. What is the rate of effective protection of the import tariff on laptops? Show your working