Suppose Colombia is open to free trade in the world market for wheat. Since Colombia is small relative to the international market, the demand for and supply of wheat in Colombia have no impact on the world price. The following graph shows the domestic market for wheat in Colombia. The world price of a ton of wheat is PW = $400. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at the free-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS). /_\\\\ y?) 680 - Domestic Demand Domestic Supply 640 600 -- CS 560 -- $0 520 pg 480 440 PRICE (Dollars per ton) 400 -Mh 360 320 -- 280 'l l l l l l | | l l i 0 15 30 45 60 75 90 105 120 135 150 QUANTITY (Tons of wheat) Because Colombia participates in international trade in the market for wheat, it will import tons of wheat. Now suppose the Colombian government decides to impose a tariff of $40 on each imported ton of wheat. Under the tariff, the price Colombian consumers pay for a ton of wheat becomes , and Colombia will import tons of wheat