I need the bottom table to be answered. I already feel confident about the shading of the graph. Complete the following table by using the previous graphs to determine the values of consumer and producer surplus before the tax, and consumersurplus, producer surplus, tax revenue, and deadweight loss after the tax.Note: You can determine the areas of different portions of the graph by selecting the relevant area.Before TaxAfter Tax(Dollars)(Dollars)Consumer SurplusProducer SurplusTax RevenueDeadweight Loss (?Before Tax200180Equilibrium160Demand140120Consumer Surplus10080Producer SurplusSupply604020150 200 250 300 350QUANTITY (Purses)50100400450500Suppose the government imposes an excise tax on designer purses. The black line on the following graph shows the tax wedge created by a tax of$40 per purse.First, use the tan quadrilateral (dash symbols) to shade the area representing tax revenue. Next, use the green point (triangle symbol) to shade thearea representing total consumer surplus after the tax. Then, use the purple point (diamond symbol) to shade the area representing total producersurplus after the tax. Finally, use the black point (plus symbol) to shade the area representing deadweight loss.After Tax200180Tax Revenue160Demand140120Consumer Surplus100Tax Wedge80SupplyProducer Surplus6040Deadweight Loss2050100150200250300350400450500QUANTITY (Purses)PRICE (Dollars per purse)PRICE (Dollars per purse)

We have given a graph Point E is the equilibrium point before tax. We have to find consumer…

Complete the following table by using the previous graphs to determine the values of consumer and producer surplus before the tax, and consumer surplus, producer surplus, tax revenue, and deadweight loss after the tax. Note: You can determine the areas of different portions of the graph by selecting the relevant area. Before Tax After Tax (Dollars) (Dollars) Consumer Surplus Producer Surplus Tax Revenue Deadweight Loss

Complete the following table by using the previous graphs to determine the values of consumer and producer surplus before the tax, and consumer surplus, producer surplus, tax revenue, and deadweight loss after the tax. Note: You can determine the areas of different portions of the graph by selecting the relevant area. Before Tax After Tax (Dollars) (Dollars) Consumer Surplus Producer Surplus Tax Revenue Deadweight Loss

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

I need the bottom table to be answered. I already feel confident about the shading of the graph.

Complete the following table by using the previous graphs to determine the values of consumer and producer surplus before the tax, and consumer
surplus, producer surplus, tax revenue, and deadweight loss after the tax.
Note: You can determine the areas of different portions of the graph by selecting the relevant area.
Before Tax
After Tax
(Dollars)
(Dollars)
Consumer Surplus
Producer Surplus
Tax Revenue
Deadweight Loss

(?
Before Tax
200
180
Equilibrium
160
Demand
140
120
Consumer Surplus
100
80
Producer Surplus
Supply
60
40
20
150 200 250 300 350
QUANTITY (Purses)
50
100
400
450
500
Suppose the government imposes an excise tax on designer purses. The black line on the following graph shows the tax wedge created by a tax of
$40 per purse.
First, use the tan quadrilateral (dash symbols) to shade the area representing tax revenue. Next, use the green point (triangle symbol) to shade the
area representing total consumer surplus after the tax. Then, use the purple point (diamond symbol) to shade the area representing total producer
surplus after the tax. Finally, use the black point (plus symbol) to shade the area representing deadweight loss.
After Tax
200
180
Tax Revenue
160
Demand
140
120
Consumer Surplus
100
Tax Wedge
80
Supply
Producer Surplus
60
40
Deadweight Loss
20
50
100
150
200
250
300
350
400
450
500
QUANTITY (Purses)
PRICE (Dollars per purse)
PRICE (Dollars per purse)

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