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HOME: Demand P = 180 - 1/3 Q Supply P = % Q FOREIGN Demand P = 80 - % Q Supply P = % Q a. Suppose Home imposes a tariff of $10. Using the Excess Demand and Supply curves, explain how the tariff affects world prices. Give the intuition. b. Determine world prices with the tariff and the impact on each country's Social Surplus. Recall that SS = CS+ PS + tariff revenue. Show your work and provide the intuition. . c. Is it always the case that Home will want to impose a tariff? Explain d. Suppose Home imposed a quota of 20 units instead of the tariff. Determine prices in each country with the quota and the impact on each country's Social Surplus. Recall that SS = CS + PS + tariff revenue. Show your work and provide the intuition. e. Now suppose Foreign were to retaliate with their own tariff. Does Foreign do better when Home has a tariff or a quota? That is, compare the tariff = $10 and the quota =20 and show which regime helps Foreign do better when they respond with a tariff. Note, you can answer this mathematically, with excel, or using a figure. Be sure to explain yourself