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Consider the market for hoverboards. The following graph shows the demand and supply for hoverboards before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of hoverboards in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per hoverboard) 600 540 Demand 480 420 360 300 240 180 Supply 120 60 Before Tax 0 60 120 180 240 300 360 420 480 540 600 QUANTITY (Hoverboards) Equilibrium A Consumer Surplus Producer Surplus (?) Suppose the government imposes an excise tax on hoverboards. The black line on the following graph shows the tax wedge created by a tax of $240 per hoverboard. 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. PRICE (Dollars per hoverboard) 600 540 Demand 480 420 360 Tax Wedge 300 240 180 Supply 120 60 0 0 60 120 After Tax 180 240 300 360 420 480 540 600 QUANTITY (Hoverboards) Tax Revenue Consumer Surplus Producer Surplus 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 (Dollars) After Tax (Dollars) Consumer Surplus Producer Surplus Tax Revenue 0 Deadweight Loss 0

Consider the market for hoverboards. The following graph shows the demand and supply for hoverboards before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of hoverboards in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per hoverboard) 600 540 Demand 480 420 360 300 240 180 Supply 120 60 Before Tax 0 60 120 180 240 300 360 420 480 540 600 QUANTITY (Hoverboards) Equilibrium A Consumer Surplus Producer Surplus (?) Suppose the government imposes an excise tax on hoverboards. The black line on the following graph shows the tax wedge created by a tax of $240 per hoverboard. 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. PRICE (Dollars per hoverboard) 600 540 Demand 480 420 360 Tax Wedge 300 240 180 Supply 120 60 0 0 60 120 After Tax 180 240 300 360 420 480 540 600 QUANTITY (Hoverboards) Tax Revenue Consumer Surplus Producer Surplus 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 (Dollars) After Tax (Dollars) Consumer Surplus Producer Surplus Tax Revenue 0 Deadweight Loss 0

Power System Analysis and Design (MindTap Course List)
Power System Analysis and Design (MindTap Course List)
6th Edition
ISBN:9781305632134
Author:J. Duncan Glover, Thomas Overbye, Mulukutla S. Sarma
Publisher:J. Duncan Glover, Thomas Overbye, Mulukutla S. Sarma
Chapter3: Power Transformers
Section: Chapter Questions
Problem 3.30P: Reconsider Problem 3.29. If Va,VbandVc are a negative-sequence set, how would the voltage and...
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Consider the market for hoverboards. The following graph shows the demand and supply for hoverboards before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of hoverboards in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per hoverboard) 600 540 Demand 480 420 360 300 240 180 Supply 120 60 Before Tax 0 60 120 180 240 300 360 420 480 540 600 QUANTITY (Hoverboards) Equilibrium A Consumer Surplus Producer Surplus (?)
Transcribed Image Text:Consider the market for hoverboards. The following graph shows the demand and supply for hoverboards before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of hoverboards in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per hoverboard) 600 540 Demand 480 420 360 300 240 180 Supply 120 60 Before Tax 0 60 120 180 240 300 360 420 480 540 600 QUANTITY (Hoverboards) Equilibrium A Consumer Surplus Producer Surplus (?)
Suppose the government imposes an excise tax on hoverboards. The black line on the following graph shows the tax wedge created by a tax of $240 per hoverboard. 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. PRICE (Dollars per hoverboard) 600 540 Demand 480 420 360 Tax Wedge 300 240 180 Supply 120 60 0 0 60 120 After Tax 180 240 300 360 420 480 540 600 QUANTITY (Hoverboards) Tax Revenue Consumer Surplus Producer Surplus 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 (Dollars) After Tax (Dollars) Consumer Surplus Producer Surplus Tax Revenue 0 Deadweight Loss 0
Transcribed Image Text:Suppose the government imposes an excise tax on hoverboards. The black line on the following graph shows the tax wedge created by a tax of $240 per hoverboard. 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. PRICE (Dollars per hoverboard) 600 540 Demand 480 420 360 Tax Wedge 300 240 180 Supply 120 60 0 0 60 120 After Tax 180 240 300 360 420 480 540 600 QUANTITY (Hoverboards) Tax Revenue Consumer Surplus Producer Surplus 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 (Dollars) After Tax (Dollars) Consumer Surplus Producer Surplus Tax Revenue 0 Deadweight Loss 0
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