The table below shows the market for wool in Canada, which is closed to trade. Quantity Quantity Price per Demanded Supplied Tonne ($) Domestically Domestically 1,200 145 1,250 | 148 | 60 | 1,300 | % | | 105 | 105 a. What is the present equilibrium price and domestic production? Price: $ Domestic production: tonnes. b. Suppose that Canada now opens up to free trade and the world price of wool is $1,250 per tonne. How much wool will Canada produce domestically, and how much will it import? Domestic production:[ | Imports: c. Assume that the Canadian government, under pressure from the Canadian wool industry, decides to impose an import quota of 20 tonnes. What will be the new price, and how much will the Canadian industry produce? Price: $ Domestic production: tonnes. d. Now suppose that the Canadian government decides to replace the import quota with a tariff. If it wishes to maintain domestic production at the same level as with a quota, what should be the amount of the tariff, and how much revenue will government receive? Tariff: $ |:| Tariff revenue: $