Question 2. A 'large country' (LC) is a large consumer of steel and is able to influence the world price of steel. Its demand and supply for steel are shown in Figure 2 below, as DLC and Sic, respectively. The overall (LC + world) supply is denoted by SLC+W. Figure 2: Import Tariff Impossed by a "Large" Country 1000 SLE 950 900 850 800 750 SLC+W+t 700 650 600 SLCAW 550 Price 500 450 DLC 400 350 300 250 200 150 100 50 0 90 100 20 30 40 50 60 70 80 10 Millions of tons of steel per year With free trade: (a) What is the price of steel in the large country? (b) How many millions of tons of steel do LC firms produce each year? (c) How many millions of tons of steel do LC buyers purchase each year? (d) How many millions of tons of steel are imported each year?Suppose the large country imposes a $75 per ton tariff on steel imports. [e] What is the price of steel in the large country? [f] How many millions of tons of steel are imported each year? (g) 0f the $75/ton tariff, how much is passed on to the large country. consumers via a higher price? [11) 0fthe $75 tariff. how much is borne by the foreign exporter? [Your answers to (g) and (h) should sum to $75.) [i] What is the tariffs deadweight loss to the large country? [D What is the overall change in welfare of the large country due to the tariff? (enter as a negative number if welfare decreases]