1. (10 points) Explain the difference between a small nation and large nation importer bothin words and diagrammatically (use two-panel diagrams XXXXXXXXXXpoints) Analyze the welfare effects of a per...

1. (10 points) Explain the difference between a small nation and large nation importer bothin words and diagrammatically (use two-panel diagrams).2. (25 points) Analyze the welfare effects of a per unit import tariff imposed by a largenation importer using a two-panel diagram. Be sure to show changes in consumer surplusand producer surplus, social losses (deadweight cost, deadweights cost of overproductionand under consumption), tariff revenue, consumption distortion, production distortion,and trade distortion on your diagram.3. (25 points) Analyze the welfare effects of an import quota imposed by a large nationimporter using a two-panel diagram. Be sure to show changes in consumer surplus andproducer surplus, social losses (deadweight cost, deadweights cost of overproduction andunder consumption), quota rents, consumption distortion, production distortion, and tradedistortion on your diagram.4. (25 points) Analyze the welfare effects of an import quota imposed by a small nationimporter using a two-panel diagram. Be sure to show changes in consumer surplus andproducer surplus, social losses (deadweight cost, deadweights cost of overproduction andunder consumption), quota rents, consumption distortion, production distortion, and tradedistortion on your diagram.5. (15 points) Discuss the tariffication process and the problems associated with it.