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- Recently, China placed tariffs on the importation of US soybeans. Assume that the domestic market for soybeans in China is described by the following equations: Demand: P = 11.5 – Q Supply: P = 5.5 + Q Price is in 10 Yuan (¥) per bushel of soybeans and the units for Quantity are 100 million bushels per year. This is to make graphing simpler. This does NOT mean that the price is 10 and quantity is 100. Rather it means that if the price was 40¥ and the quantity was 7,500,000,000 bushels, this would plot as 4 and 7.5 respectively. The world price for soybeans is ¥65/bushel (this would graph as 6.5). Graph the soybean market in China showing equilibrium both with no barriers to trade and with a ¥15/bushel tariff. Be sure to fully and clearly label the graph including: Domestic Demand curve (D), Domestic Supply curve (S), the World Price (WP), and the Price with tariffs (PT).Explain with the aid of a diagram, what happens in the market for electricity if the government fixes a maximum price below equilibrium priceQd Qs 4.75 Price of Coffee ($ per 4.5 cup) 4.25 4 3.75 3.5 3.25 2.75 2.5 2.25 2 1.75 1.5 1.25 1 0.75 0.5 0.25 2. 25 1. 3. 4. 6. 00 Quantity of coffee, thousands of cups 1.5 4.5 6.5 9.5