The graph to the right shows the competitive equilibrium in the domestic cotton market in autarky...

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The graph to the right shows the competitive equilibrium in the domestic cotton market in autarky (no trade). Suppose the world price of cotton is $6 per pound, and assume that the United States can buy as much imported cotton as it wants at the world price. Now suppose that the U.S. allows the free trade of cotton. 1.) Using the line drawing tool, indicate the world price of cotton and label it Pw 2.) Using the point drawing tool, indicate the quantity supplied at the world price and label it Qs. 3.) Using the point drawing tool, indicate the quantity demanded at the world price and label it QD- 4.) Using the double arrow line tool, show the amount of cotton the U.S. imports at the world price and label the line 'imports'. Carefully follow the instructions above, and only draw the required objects. 30 28- 26- 24- 22- 20- 18- 16- 14- 12- 10- 8- 6- 4- 2- Price ($/pound) Sh D 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1 Millions of pounds The graph to the right shows the competitive equilibrium in the domestic cotton market in autarky (no trade). Suppose the world price of cotton is $6 per pound, and assume that the United States can buy as much imported cotton as it wants at the world price. Now suppose that the U.S. allows the free trade of cotton. 1.) Using the line drawing tool, indicate the world price of cotton and label it Pw 2.) Using the point drawing tool, indicate the quantity supplied at the world price and label it Qs. 3.) Using the point drawing tool, indicate the quantity demanded at the world price and label it QD- 4.) Using the double arrow line tool, show the amount of cotton the U.S. imports at the world price and label the line 'imports'. Carefully follow the instructions above, and only draw the required objects. 30 28- 26- 24- 22- 20- 18- 16- 14- 12- 10- 8- 6- 4- 2- Price ($/pound) Sh D 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1 Millions of pounds