Russia is a large country. Under pressure from the lobbyists, Russian government imposes a tariff of $20 on imports of parka. As a result, the world price of parka falls from $200 to $195. In Russia, the production of parka rises to from 300 to 400 and consumption falls from 800 to 600. a. Show the above information on a graph of the Russian market for parkas. c. Clearly mark the area that represents the consumption effect of the tariff? Compute the consumption effect. Is it a loss or gain'? Explain why'? c. Clearly mark the area that represents the production effect of the tariff? Compute the production effect. Is it a loss or gain? Explain why'? (:1. Is there a terms-of-trade effect in this case'? If so clearly mark the area that represents the terrns-of-trade and compute the terms-of-trade effect. If not, explain why tenns-of-trade effect is absent. Compute the net effect of the tariff on economic welfare of Russia. Does it gain or lose from the tariff? What is the equivalent quota for $20 tariff? If Russia imposes a quota of 100 units and distributes quota licenses through public auction, will its welfare be higher or lower than with the tariff of $20? Explain. (15+15+15+10+10+5) rm