2. This problem asks you to work through the partial equilibrium analysis of some scenarios involving trade, consumer and producer welfare, and government tariff revenue. (b) Assume that now the US opens to international trade to kumquats. The world price of kumquats is lower than the autarky price in the US, prior to trade (pw <Pa). Will the US become an importer or an exporter of kumquats? Draw a diagram of the US market consistent with this assumption and discuss the welfare implications for each side of the market. Identify areas representing the welfare change. Is the US better or worse off, as a whole? (c) Redo (b), on a new diagram, but now under the assumption that the world price is higher than US's autarky one (pw > Pa).