Question 3 Suppose that the domestic demand and supply curves for 8 oz. jars of guava jelly are characterized by the following demand and supply functions: Demand: Q=70-5P $12111sz 2=5P-10 Part (0: Construct the demand and supply curves. Place quantity ofguavajeily (in 8 oz. jars) 0n the horizontal axis and the price ofguavajelly on the vertical axis. Part (it): What is the equilibrium price of a jar of guava jelly in autarky? What is the equilibrium quantity of guava jelly in autarky? Part (in): Suppose that the world price of a jar of guava jelly is $4. How many jars of guava jelly will American consumers purchase? How many jars of guava jelly will American sellers sell? Part (iv): Suppose that the world price of a jar of guava jelly is $4. How much consumer surplus do American consumers enjoy? How much producer surplus do American producers enjoy? Part (v): Suppose that the world price of a jar of guava jelly is $4, and that the government imposes a $3 tariff per jar. How many jars of guava jelly will American consumers purchase? How many jars of guava jelly will American sellers sell? Part (12:): Suppose that the world price of a jar of guava jelly is $4, and that the government imposes a $3 tariff per jar. How much consumer surplus do American consumers enjoy? How much producer surplus do American producers enjoy