Suppose the demand curve is Qd=2500-5P. The supply curve is Qs=5P-500. The free trade price is 200. The government institutes a tariff of 100. The drives the terms of trade price down to 120. Compared to free trade, what happens to total surplus when the tariff is put into place?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.