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1. Suppose the world price for a good is $50 and the domestic demand and supply curves are given by the following equations: Demand: P = 200 5Q Supply: P = 10 +4Q Plot the graph of this market, correctly labeling all necessary points, and answer the following questions. a. b. C. d. At the world price, what is total domestic consumption? Show all your work and explain. At the world price, what is the total amount of home production? Show all your work and explain. At the world price, how much does the domestic country import? Show all your work and explain. What is the value of consumer surplus? Producer surplus? Show all your work and explain. . If a tariff of 20% is imposed what is the new level of consumption? Domestic Production? Imports? Show all your work and explain. What is the total amount of tax revenue earned by the government from the tariff? Show all your work and explain. . What is the net national cost of the tariff? Show all your work and explain. 2. Suppose that computers are made both domestically and abroad. The free trade price of a computer is $2, 000. Domestic manufacturers need to import $1,. 200 worth of inputs to manufacture the computer. a. b. What is the domestic value added under free trade? Suppose a tariff of 20 percent is levied on imported computers for domestic consumption. What is the new price of foreign computers domestically? (Assuming domestic rm cannot inuence world price.) . What is the effective rate of protection? . Now assume that a 20 percent tariff is imposed on all the inputs needed for the domestic manufac- turer. What do the inputs now cost? What is the new effective rate of protection with the tariff on both inputs and the computer