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D Question 3 26 pts The figure below depicts the domestic market for a particular good. The curve labeled S represents domestic supply. The curve labeled D represents domestic demand. The line labeled Pw is the world price of the good. 50 45 35 30 Price 25 20 15 10 10 15 20 25 30 35 40 45 Quantity Use the graph to answer the following questions: Assume that international trade HAS NOT been established. The equilibrium price is $ The equilibrium quantity is units The value of consumer surplus is $ The value of producer surplus is $ Assume that international trade HAS been established. The quantity of domestic consumption is units. The quantity of domestic production is units. The quantity of imports is units. The value of consumer surplus is $ The value of producer surplus is $ Assume that international trade HAS been established. Further, assume now that the home country has imposed a $5 tariff on imports of the good. Assume that international trade HAS been established. Further, assume now that the home country has imposed a $5 tariff on imports of the good. The new value of consumer surplus is $ The new value of producer surplus is $ The government revenue from the tariff is $ Assume that international trade HAS been established. Further, assume now that instead of a tariff, the home country has imposed a 10 unit quota on imports of the good. Also assume that the exporting firms have organized into a monopoly. The total welfare loss (i.e. the deadweight AND revenue losses) to the domestic country from the quota is Next . Previous