Please solve the second image. *First image is for information only. Suppose the government imposes an excise tax on air conditioning units. The black line on the following graph shows the tax wedge created by a taxof $160 per air conditioner.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.PRICE (Dollars per air conditioner)400360320280240 Tax Wedge2001601208040Demand00 120 240 360 480 600 720 840 960 1080 1200QUANTITY (Air conditioners)SupplyConsumer SurplusProducer SurplusAfter TaxTax RevenueDeadweight LossTax RevenueComplete the following table by using the previous graphs determine the values of consumer and producer surplus before the tax, and consumersurplus, producer surplus, tax revenue, and deadweight loss after the tax.Consumer SurplusNote: You can determine the areas of different portions of the graph by selecting the relevant area.Before Tax(Dollars)After Tax(Dollars)00Producer SurplusDeadweight Loss Consider the market for air conditioning units. The following graph shows the demand and supply for air conditioning units before the governmentimposes any taxes.First, use the black point (plus symbol) to indicate the equilibrium price and quantity of air conditioning units in the absence of a tax. Then use thegreen point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamondsymbol) to shade the area representing total producer surplus (PS) at the equilibrium price.PRICE (Dollars per air conditioner)400360320280240200160120804000Demand120 240SupplyBefore Tax360 480 600 720 840 960 1080 1200QUANTITY (Air conditioners)+EquilibriumAConsumer SurplusProducer Surplus?

Equilibrium in the market occurs at the intersection of markets demand and market supply…

Answered: Suppose the government imposes an…

Suppose the government imposes an excise tax on air conditioning units. The black line on the following graph shows the tax wedge created by a tax of $160 per air conditioner.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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