Question: (other answers on here are wrong! Please do new calculations. Thank you) a) Draw a domestic market for sugar with a supply of P =
(other answers on here are wrong! Please do new calculations. Thank you) a) Draw a domestic market for sugar with a supply of P = .2+.1QS (note: price is per pound and quantity is measured in thousands of tons) and a demand of P = 5 .2QD . b) If the world price of sugar is $1.20, how much money do consumers spend on imported sugar? c) If a tariff of $0.20/pound is imposed, how many pounds of sugar are imported? What is the tariff revenue? d) Draw the import demand curve for sugar in the domestic (small country) market. Be sure to label your axes and intercepts
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