1. Consider the following scenario. Suppose that the free-trade price of a ton of steel is €500. Finland, a small country, imposes a €60-per-ton specific tariff on imported steel. With the tariff, Finland produces 300,000 tons of steel and consumes 600,000 tons of steel. As compared with free trade, steel production has risen by ½ while steel consumption has fallen by 1/7. a. Draw two pictures of Finland's domestic market, one to illustrate the free-trade scenario and one to illustrate the tariff scenario. Label all relevant prices and quantities b. Identify consumer surplus, producer surplus, tax revenue, and deadweight loss on each graph if they exist.

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