Suppose Guatemala is open to free trade in the world market for maize. Since Guatemala is small relative to the international market, the demand for and supply of maize in Guatemala have no impact on the world price. The following graph shows the domestic market for maize in Guatemala. The world price of a ton of maize is Pw = $800. 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). 1700 Domestic Demand Domestic Supply 1600 CS 1500 1400 1300 PS PRICE (Dollars per ton) 1200 1100 1000 900 800 700 10 20 30 40 50 60 70 80 90 100 QUANTITY (Tons of maize) Because Guatemala participates in international trade in the market for maize, it will import tons of maize. Now suppose the Guatemalan government decides to impose a tariff of $200 on each imported ton of maize. Under the tariff, the price Guatemalan consumers pay for a ton of maize becomes $ |, and Guatemala will import tons of maize.Use the following graph to show the effects of the $200 tariff. Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green points (triangle symbols) to show the consumer surplus with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral (square symbols) to shade the area representing government revenue received from the tariff and the tan points (rectangle symbols) to shade the areas representing deadweight loss (DWL) caused by the tariff. 1700 Domestic Demand Domestic Supply + 1600 World Price Plus Tariff 1500 1400 CS 1300 1200 PRICE (Dollars per ton) 1100 PS 1000 900 P. Government Revenue 800 700 0 10 20 30 40 50 60 70 80 90 100 DWL QUANTITY (Tons of maize)1700 Domestic Demand Domestic Supply + 1600 World Price Plus Tariff 1500 1400 1300 CS PRICE (Dollars per ton) 1200 1100 PS 1000 900 Government Revenue 800 700 10 20 30 40 50 70 80 90 100 DWL QUANTITY (Tons of maize) Complete the following table to summarize your results from the previous two graphs. With Free Trade With a Tariff (Dollars) (Dollars) Consumer Surplus Producer Surplus decreases at Revenue increases analysis, as a result of the tariff, Guatemala's consumer surplus by $ , producer surplus by 5 and the government collects $ in revenue. Therefore, the net welfare effect is a of