Question in the image below.

5. The United States has a long-standing quota in place for imported sugar. The U-S- Government sells import licenses for sugar directly to the governments of sugar exporting countries. For purposes of this question, assume the U.S. is a mall country with respect to sugar. The following is price, production, and consumption data on raw sugar and estimates for the price elasticity of demand and supply for sugar in the US; U.S. Raw Sugar Price 50.2739 per pound World Raw Sugar Price $01576 per pound U.S. Raw Sugar Production ?.666 million metric tons U.S. Raw Sugar Consumption 12.265 million metric tons us. Pccc Ecccccy cmccccc ccc scgcc us. Price Elasticity 0fSUPPIY cccscgcc a) Using the data in the table, estimate the welfare effects of the US. sugar quota for the 2019-2020 scal year. (Hint #1: elasticity = W. You should calculate percent changes as if moving from the free trade position to the quota position. Hint #2: while you do as! have to show a graph in your answer, you may want to draw one for yourself to help you with answering. You are required to show at? your mathemtical work.) b) Explain why welfare effect estimates like what was calculated in part a) are most likely underestimating the true welfare effects of trade instruments