The demand and supply for good X in NZ are given by: Inverse demand: p=2002QD Inverse supply: p=20+QS (a) Derive and draw the demand and supply curves for X. ( 2 marks) (b) Calculate and illustrate the autarky price of X in NZ. (1 mark) (c) The free-trade price of X is $20. Calculate the domestic supply, demand, and imports under free trade. Illustrate. (2 marks) (d) Assume now that the government of NZ sets an import tariff equal to $5OnX. Assume that this tariff does not affect the world price. Calculate the domestic demand, supply, and imports with the tariff in place. Illustrate using a clearly labelled graph. (3 marks) (e) Illustrate the welfare effects of the tariff in NZ for its producers and consumers, government, and the country as a whole using a clearly labelled graph. Clearly identify the production distortion and consumption distortion. Does total welfare increase or decrease? (Calculation of the total welfare change should be shown). (5 marks) The demand and supply for good X in NZ are given by: Inverse demand: p=2002QD Inverse supply: p=20+QS (a) Derive and draw the demand and supply curves for X. ( 2 marks) (b) Calculate and illustrate the autarky price of X in NZ. (1 mark) (c) The free-trade price of X is $20. Calculate the domestic supply, demand, and imports under free trade. Illustrate. (2 marks) (d) Assume now that the government of NZ sets an import tariff equal to $5OnX. Assume that this tariff does not affect the world price. Calculate the domestic demand, supply, and imports with the tariff in place. Illustrate using a clearly labelled graph. (3 marks) (e) Illustrate the welfare effects of the tariff in NZ for its producers and consumers, government, and the country as a whole using a clearly labelled graph. Clearly identify the production distortion and consumption distortion. Does total welfare increase or decrease? (Calculation of the total welfare change should be shown)