Question 2. A large country (LC) is a large consumer of steel and is able to influence the world price of steel. Its demand and supply for steel are shown in Figure 2. below, as Dc and Sic respectively. The overall (L.C+ world) supply is denoted by Sicw. Figure 2: Import Tarif imposed by a "Large Country Sc 1000 950 500 150 100 Sicwt 700 50 Sicow PI 500 490 400 18 Die 100 750 200 19 100 50 0 0 10 30 100 40 10 30 20 Miliom of tons of seper your With free trade: (a) What is the price of steel in the large country? (b) How many millions of tons of steel do LC firms produce each year? (e) How many millions of tons of steel do LC buyers purchase each year? (d) How many millions of tons of steet are imported each year? Suppose the large country imposes a $75 per ton tariffon steel imports. (c) What is the price of steel in the large country? How many millions of tons of steel are imported each year? or the 75/ton tarif how much is passed on to the large country, consumers via a higher price? (h) of the $75 tariff, how much is borne by the foreign exporter? (Your answers to (8) and (h) should sum to 575.) ( What is the tariff's deadweight loss to the large country? () What is the overall change in welfare of the large country due to the tarif (enter as a negative number if welfare decreases)