Question 3 Suppose that the domestic demand and supply curves for & oz. jars of guava jelly are characterized by the following demand and supply functions: Demand: O=280-20P Supply: Q=20P-40 40 al 120 160 200 240 280 Quantiy of Guava J elly @80z jars) Part {i): What is the equilibrium price of a jar of guava jelly in oufarky? What is the equilibrium quantity of guava jelly in autarky? Part (ii): Suppose that the world price of a jar of guava jelly is $6. How many jars of guava jelly will American consumers purchase? How many jars of guava jelly will American sellers sell? Part {iii): Suppose that the world price of a jar of guava jelly is 56. How many jars of guava jelly will be imported? Part {iv): Suppose that the world price of a jar of guava jelly is 56, and that the government imposes a 51 tariff per jar. How many jars of guava jelly will American consumers purchase? How many jars of guava jelly will American sellers sell? Part {v): Suppose that the world price of a jar of guava jelly is $6, and that the government imposes a 51 tariff per jar. How many jars of guava jelly will be imported