490Domestic DemandDomestic Supply460World Price Plus Tariff430400370CS340310PS280W250Government Revenue2201905101520253035404550DWLQUANTITY (Thousands of tons of wheat)Complete the following table to summarize your results from the previous two graphs.Under Free TradeUnder a Tariff(Dollars)(Dollars)Consumer SurplusProducer SurplusGovernment RevenueBased on your analysis, as a result of the tariff, Kenya's consumer surplusby $producer surplusby $, and the government collectsin revenue. Therefore, the net welfare effect is aofPRICE (Dollars per ton) 4. TariffsSuppose Kenya is open to free trade in the world market for wheat. Because of Kenya's small size, the demand for and supply of wheat in Kenya donot affect the world price. The following graph shows the domestic wheat market in Kenya. The world price of wheat is Pw =$250 per ton.On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS) when the economy is at thefree-trade equilibrium. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus (PS).490Domestic DemandDomestic Supply460CS430400370PS340310280250220190101520253035404550QUANTITY (Thousands of tons of wheat)If Kenya allows international trade in the market for wheat, it will importtons of wheat.Now suppose the Kenyan government decides to impose a tariff of $60 on each imported ton of wheat. After the tariff, the price Kenyan consumerspay for a ton of wheat is $and Kenya will importtons of wheat.Show the effects of the $60 tariff on the following graph.Use the black line (plus symbol) to indicate the world price plus the tariff. Then, use the green triangle (triangle symbols) to show the consumersurplus with the tariff and the purple triangle (diamond symbols) to show the producer surplus with the tariff. Lastly, use the orange quadrilateral(square symbols) to shade the area representing government revenue received from the tariff and the tan triangles (dash symbols) to shade the areasrepresenting the net loss or deadweight loss (DWL) caused by the tariff.PRICE (Dollars per ton)

Question

Accepted Answer

Consumer surplus (CS) = Area between demand curve and world price 
Producer surplus (PS) = Area…