Suppose US. market demand for Chinese produced automobiles is Q = 120,000 P where P is the price. Suppose the market supply of Chinese produced automobiles in the U.S. is Q = 3P. (22 marks total) a. Find the competitive market equilibrium price and output of Chinese produced automobiles in the US. (2) b. Suppose the President of the US. puts a tariff of $2,000 on each Chinese produced automobile sold in the US. (a tariff is simply a tax on an imported good). Find the new market equilibrium price to US. buyers and output of Chinese produced automobiles in the US. (6) c. Show who bears the most burden of the ta riff, the US. consumers of Chinese produced automobiles or the Chinese producers of the automobiles. (4) d. Using Social Benet analysis, find the impact of the tariff (compared to the competitive equilibrium) on the welfare of the US. overall, and the welfare of the world overall. (I am looking for answers in dollars)