Suppose Thailand is a large country. Thailand's demand and supply curves for rice are:

D* = 4130 - 140P S* = -70 + 140P

a. What would be the price, quantity demanded, and quantity supplied of rice that will prevail in Thailand in the absence of trade?

b. Assume the free trade world price is $10.00 per ton and the Thai government offers the country's producers help by imposing an import tariff of $8.00 per ton of rice. In doing so, the world price is lowered to $5.00.

i. Calculate the new quantity demanded and quantity supplied of rice in Thailand with the imposition of the import tariff.

Calculate the total revenue received by the Thai government when they impose an import tariff of $8.00?

d. Draw a graph showing the world price (including quantity demanded & supplied), new foreign price, and new domestic price (including quantity demanded & supplied), because of the import tariff.