What is the answer for the last two questions (the incorrect answers)

Import Tariffs and Quotas Under Perfect Competition End of Chapter Question Suppose Home is a small country. Use the graphs to answer the questions. Round your answers to one decimal where necessary. 3. Suppose that Home engages in trade and faces the world price, PW = $6. Calculate the consumer and producer surplus under free trade. Consumer surplus with trade: 32 Producer surplus with trade: 2 b. Now, suppose that Home applies an import quota limiting the amount Foreign can sell to 2 units. The quota licenses are allocated to local producers. Calculate the consumer surplus and producer surplus with the quota. Consumer surplus with quota: 18 430000 Price (a) Home Market ............... 2 4 5 6 D 8 Quantity (b) Import Market ............... Feenstra/Taylor, International Economics. Se ((3 2021 Worth Publishers Producer surplus with quota: 3 Calculate the quota rents earned at Home and the net eect of the import quota on the Home economy. Quota rents earned: 4 Net effect of quota on Home: Incorrect c. Now, suppose the quota rents are earned by Foreign exporters instead. Calculate the net effect of this import quota on the Home economy. Net effect of quota on Home: Incorrect