i neeed help with this one i keep getting it wrong. it is a macroeconmics question **Impact of Government Tax on Smartphones**Suppose the government implements a tax on smartphones. The graph below illustrates the annual supply and demand for smartphones, along with the supply curve adjusted upwards by the tax amount ($120 per phone).### Graph Explanation:**Smartphones Market**The graph contains the following elements:- **Axises**: - The horizontal axis represents the quantity of smartphones (in units). - The vertical axis represents the price of smartphones (in dollars per phone).- **Curves**: - The **demand curve (Dₛ)**: This blue line slopes downward from left to right, indicating an inverse relationship between price and quantity demanded. - The **supply curve**: This orange line slopes upward from left to right, representing a positive relationship between price and quantity supplied. - The **supply curve plus tax (S+Tax)**: This orange line is shifted upward by $120 relative to the original supply curve to show the effect of the tax.### Instructions:1. **Tax Revenue**: - Use the green rectangle (defined by triangle symbols) in the graph to shade the area representing the tax revenue generated from imposing the tax on smartphones.2. **Deadweight Loss**: - Use the black triangle (defined by plus symbols) to shade the area representing the deadweight loss associated with the tax. Deadweight loss is the loss in social surplus that occurs because the tax prevents some mutually beneficial trades from happening.### Key:- **Green Rectangles**: Indicates the area for **Tax Revenue**.- **Black Triangles**: Indicates the area for **Deadweight Loss**.This visual representation helps to understand the economic effects of taxation on the smartphone market, showcasing changes in producer and consumer behavior as well as economic efficiency. **Government Consideration of a Tax on Leather Jackets and Smartphones**The government is contemplating a levy of $120 per unit on suppliers of either leather jackets or smartphones. The supply curve for each of these two goods is identical, as demonstrated in the graphs below. The demand for leather jackets is represented by $D_L$ (in the first graph), and the demand for smartphones is shown by $D_S$ (on the second graph).**Scenario 1: Tax on Leather Jackets**Suppose the government decides to tax leather jackets. The following graph illustrates the annual supply and demand for leather jackets. It also depicts the supply curve ($S + Tax$) shifted upward by the proposed tax amount ($120 per jacket).**Graph: Leather Jackets Market**- **Axes:** - **X-Axis:** Quantity (Jackets) - **Y-Axis:** Price (Dollars per jacket) - **Curves:** - **Supply Curve:** The initial supply curve without tax. - **$S + Tax$ Curve:** The supply curve shifted upward by the $120 tax. - **Demand Curve ($D_L$):** Shows the relationship between price and quantity demanded for leather jackets.**Instructions for Analyzing Tax Impact:**- Use the green rectangle (triangle symbols) to shade the area that represents tax revenue for leather jackets.- Use the black triangle (plus symbols) to shade the area that represents the deadweight loss associated with the tax.**Diagram Keys:**- **Tax Revenue:** Represented by a green rectangle with triangle symbols.- **Deadweight Loss:** Represented by a black triangle with plus symbols.**Scenario 2: Tax on Smartphones**If the government taxes smartphones instead, the following graph presents the annual supply and demand for this good, along with the supply curve shifted upward by the proposed tax amount ($120 per phone).By analyzing these graphs, you can gain insights into the implications of different tax policies on market equilibrium, tax revenue, and economic efficiency, illustrated by the areas of tax revenue and deadweight loss.

Taxes are defined as mandatory contributions which are imposed by the government on individuals or…

The government is considering levying a tax of $120 per unit on suppliers of either leather jackets or smartphones. The supply curve for each of these two goods is identical, as you can see on each of the following graphs. The demand for leather jackets is shown by DL (on the first graph), and the demand for smartphones is shown by Ds (on the second graph). Suppose the government taxes leather jackets. The following graph shows the annual supply and demand for this good. It also shows the supply curve (S+ Taz) shifted up by the amount of the proposed tax ($120 per jacket). On the following graph, use the green rectangle (triangle symbols) zo shade the area that represents tax revenue for leather jackets. Then use the black triangle (plus symbols) to shade the area that represents the deadweight loss associated with the tax. College Success Tips Leather Jackets Market 240 220 Supply S+Tax 200 Tax Revenue 180 + 160 Deadweight Loss 140 + 120 100 80 60 40 20 100 150 200 250 300 30 400 450 500 s00 600 QUANTITY (Jackets) 50 PRICE(Dollars per jacket)

The government is considering levying a tax of $120 per unit on suppliers of either leather jackets or smartphones. The supply curve for each of these two goods is identical, as you can see on each of the following graphs. The demand for leather jackets is shown by DL (on the first graph), and the demand for smartphones is shown by Ds (on the second graph). Suppose the government taxes leather jackets. The following graph shows the annual supply and demand for this good. It also shows the supply curve (S+ Taz) shifted up by the amount of the proposed tax ($120 per jacket). On the following graph, use the green rectangle (triangle symbols) zo shade the area that represents tax revenue for leather jackets. Then use the black triangle (plus symbols) to shade the area that represents the deadweight loss associated with the tax. College Success Tips Leather Jackets Market 240 220 Supply S+Tax 200 Tax Revenue 180 + 160 Deadweight Loss 140 + 120 100 80 60 40 20 100 150 200 250 300 30 400 450 500 s00 600 QUANTITY (Jackets) 50 PRICE(Dollars per jacket)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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