The graph to the right shows the competitive equilibrium in Price ($/pound) the domestic cotton market in autarky (no trade). Suppose 30- the world price of cotton is $8 per pound, and assume that 28- the United States can buy as much imported cotton as it 26 wants at the world price. 24- 22- Now suppose that the U.S. allows the free trade of cotton. S 20- 1.) Using the line drawing tool, indicate the world price of 18- cotton and label it Pw. 16- 14- 2.) Using the point drawing tool, indicate the quantity 12- supplied at the world price and label it Qs- 10- 8 18 3.) Using the point drawing tool, indicate the quantity demanded at the world price and label it Qp. 4.) Using the double arrow line tool, show the amount of 2 . Emports :5.2 :10.7 cotton the U.S. imports at the world price and label the line 2 3 4 5 6 7 8 9 10 11 12 13 14 1! 'imports'. Millions of pounds Carefully follow the instructions above, and only draw the required objects. The gains to the U.S. from trade are valued at $ million. (Enter your response rounded to two decimal places.)