(Solved): The following graph shows the domestic demand for and domestic supply of whest in an economy. Suppo ...

The following graph shows the domestic demand for and domestic supply of whest in an economy. Suppose this economy is open to free trade in the world market for wheat, and the world price of wheat is ${\mathrm{P}}_{\mathrm{W}}=\$250$ per ton. If this economy allows free trade in the market for wheat, it will import tons of wheat. Now suppose the government of this economy decides to impose a tariff of $\$30$ on each imported ton of wheat. After the tarift, the price consumers pay for a ton of whest is , and the economy will import tons of wheat. On the followng graph, use the green quadriateral (triangle symbols) to shade the area representing the foss in cansumers' surplus as a result of the tariff. Then, use the purple quadrilsteral (diamond symbois) to shade the aves representing the gain in producers' surplus as a resuit of the tanif. Finally, use the arange quadrmateral (square symbols) to shade the area representing government revenue recelved from the tarivi and the tan trisngies (dosh symbols) to shade the aress representing the net foss caused by the tarivi.