explain how you arrived at your answer.) e. (4 pts) Is there a tariff that would make this economy better off? Explain your answer. 2. Suppose the supply schedule for domestic producers is given by Q' = P and the demand schedule for domestic consumers is given by QP = 100-3P. a. (4 pts) Draw the demand and supply schedule and find the price (and quantity) where supply equals demand. At this price, how many goods would be imported. b. (6 pts) Draw the import demand schedule for this economy and suppose the economy is a large open economy and the (rest of world) supply curve for this commodity is given by Q*$ = 20+3P and the (rest of world) demand curve is given by Q"D = 100-3P. Derive the export supply curve and find the equilibrium international price and quantity of imports for the domestic economy. How much would the domestic economy produce? How much does the domestic economy consume? c. (5 pts) Now suppose the government imposes a tariff of $5 dollars on the good. What price will domestic producers charge for the good (Explain)? What is domestic consumption? What are imports? (For full credit, show your graphs and derivations.) d. (5 pts) Does the tariff make the economy better off? (For full credit, show what happens to consumer surplus, producer surplus and government revenue and explain how you arrived at your answer.)