2. Taxes and welfare Consider the market for designer handbags. The following graph shows the demand and supply for designer handbags before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of designer handbags 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 handbag) 400 300 PRICE (Dollars per handbag) 320 280 200 160 120 80 40 0 400 360 320 280 240 200 160 120 80 0 40 Demand Suppose the government imposes an excise tax on designer handbags. The black line on the following graph shows the tax wedge created by a tax of $80 per handbag. 0 20 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. A 40 Demand Before Tax Tax Wedge Supply I I 0 20 40 I 60 80 100 120 140 160 180 200 QUANTITY (Handbags) After Tax Equilibrium Supply Consumer Surplus 60 80 100 120 140 160 180 200 QUANTITY (Handbags) Producer Surplus Tax Revenue A 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.

Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.

Only typed answer and please don't use chatgpt  You are looking for a new apartment in Manhattan. Your income is $4,000 per month, and you know that you should not spend more than 25 percent of your income on rent. You have come across the following listing for one-bedroom apartments on craigslist. You are indifferent about location, and transportation costs are the same to each neighborhood.   Chelsea $1,200   Battery Park $2,200   Delancey $950   Midtown $1,500 Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers.   a. Which apartments fall within your budget?   Chelsea   Battery Park   Delancey   Midtown b. Suppose you adhere to the 25 percent guideline but also receive a $1,000 monthly cost-of-living supplement since you are living and working in Manhattan. Which apartments fall within your budget now? Chelsea   Battery Park   Delancey   Midtown

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