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a. Graph supply, SMC and demand and show the free trade equilibrium. On the diagram show the actual numerical values of supply, demand and imports under free trade.
b. (i) On the diagram, show the effects on production, consumption and imports of a tariff of 10 levied on imports of garlic.
(ii) Compute the welfare change relative to free trade and label the corresponding area(s) on your diagram. Explain.
c. Suppose instead of a tariff, a production subsidy of 10 is used instead.
(i) Show the effect on production, consumption and imports.
(ii) Compute the welfare change relative to free trade with this subsidy and label the corresponding area(s) on your diagram. Explain.
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