question attached! **Instructions:**- **Objective:** Identify and shade specific areas on the supply and demand graph after a tax is imposed. 1. **Tax Revenue:** Use the tan quadrilateral (dash symbols) to shade the area representing tax revenue.2. **Consumer Surplus:** Use the green point (triangle symbol) to shade the area representing total consumer surplus after the tax.3. **Producer Surplus:** Use the purple point (diamond symbol) to shade the area representing total producer surplus after the tax.4. **Deadweight Loss:** Use the black point (plus symbol) to shade the area representing deadweight loss.**Graph Explanation:**- **Axes:** - **Y-Axis (Price):** Ranges from $0 to $150 per purse. - **X-Axis (Quantity):** Ranges from 0 to 100 purses. - **Lines:** - **Demand Line:** Slopes downward. - **Supply Line:** Slopes upward. - **Tax Wedge:** Represented by a vertical grey line indicating the tax effect between the new supply and demand equilibrium points.**Legend:**- **Tax Revenue:** Tan quadrilateral.- **Consumer Surplus:** Green triangle.- **Producer Surplus:** Purple diamond.- **Deadweight Loss:** Black plus symbol.**Table Completion Task:**Fill in the table with values for consumer surplus, producer surplus, tax revenue, and deadweight loss, both before and after the tax. The values for tax revenue and deadweight loss are initially set to zero.**Note:** Areas can be determined and calculated by selecting specific portions of the graph corresponding to consumer surplus, producer surplus, tax revenue, and deadweight loss.

The completed diagram is given below in the next step.

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 150 135 Demand Tax Revenue 120 105 90 Tax Wedge Consumer Surplus 75 60 Producer Surplus 45 Supply 30 Deadweight Loss 15 10 20 30 40 50 60 70 80 90 100 QUANTITY (Purses) 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 PRICE (Dollars 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 150 135 Demand Tax Revenue 120 105 90 Tax Wedge Consumer Surplus 75 60 Producer Surplus 45 Supply 30 Deadweight Loss 15 10 20 30 40 50 60 70 80 90 100 QUANTITY (Purses) 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 PRICE (Dollars per purse)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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