Read the following excerpt for this question “Dairy liberalization by the US sees the current (MFN) tariff of 23% applying to Australian dairy…

1.   Read the following excerpt for this question

“Dairy liberalization by the US sees the current (MFN) tariff of 23% applying to Australian dairy imports being removed. Removal of this tariff bilaterally sees the price of Australian dairy products to US consumers fall. The immediate effect of the price reduction is that domestic consumers substitute away from dairy products sourced domestically and from the other country (Canada) to the now relatively cheaper Australian products.”

Economic impacts of an Australia- United States Free Trade Area – Berkelmans et all.

A.    For the US Dairy industry, use a graph with demand and supply curves, to show the diversion of trade from Canada to Australia.

B.    On the same graph show the change in welfare for the US. (Please list all the components of welfare)

C.    Also, on the same graph show if there is any transfer of welfare from the US to Australian exporters.

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