Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Suppose the government imposes an excise tax on commercial fans. The black line on the following graph shows the tax wedge created by a tax of$40 per fan.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 fan)200180160Demand14012010080604020Tax WedgeSupplyAfter Tax0050100150200250300350400 450 500Tax RevenueΔConsumer SurplusProducer SurplusDeadweight Loss? Complete the following table by using the previous graphs to determine the values of consumer and producer surplus before the tax, and consumersurplus, 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.Consumer SurplusProducer SurplusTax RevenueBefore Tax(Dollars)0Deadweight Loss0After Tax(Dollars)

Tax is the sum of money that the government of a country collects from its households and firms for…

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 Deadweight Loss 0 0

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 Deadweight Loss 0 0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Economics Question
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