NOTE: All analytical solutions should be represented as fractions. Submissions should be in pdf form. Deviation from this instruction will lead to point deductions. 1. Suppose domestic demand is given by P = 16 - QD and domestic supply by P = 10 + 3Qs. a. (2 pts) Find the competitive market equilibrium price and quantity, consumer surplus, and producer surplus. Plot your results. b. (3 pts) Suppose the market is open to foreign competition at price pw = 12. Find how many units are imported in equilibrium? How many are produced domestically in equilibrium? What happens to consumer and producer surplus? Provide conceptual intuition as well as analytical evidence. Plot your results. c. (3 pts) Suppose a tariff t = 2 is implemented by the domestic government. Find the government revenue, change in producer surplus, and change in consumer surplus. Is there deadweight loss? Plot your results. i. What happens to total surplus? Who are the "winners" and "losers" of the tariff implementation? Justify your answer analytically.