The following graph shows the domestic market for steel in the United States, where SD is the domestic supply curve, and DD is the domestic demand curve. Assume the United States is considered a large nation, meaning that changes in the quantity of its imports due to a tariff influence the world price of steel. Under free trade, the United States foced a total supply schedule of SD+W, which shows the quantity of steel that both domestic and foreign producers together offer domestic consumers. In this case, the free-trade equilibrium (black plus) occurs at a price of $280 per ton of steel and a quantity of 16 million tons, At this price, the United States imports 12 million tons of steel. Suppose the U.S. government imposes a \$100-per-ton tariff on steel imports. On the following graph, use the tan Aine (rectangle symbol) to draw the new total supply schedule including the tariff ( SD.+w+). Then use the grey point (star symbol) to indicate the new market equilibritm price and quantity as a resuit of the tariff. HW3(Ch04) Equilibrium Under Tariff Domestic Revenue Effect Terms-of-Trade Effect Deadweight Loss