2. Taxes and welfare Consider the market for air conditioning units. The following graph shows the demand and supply for air conditioning units before the government imposes 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 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. Before Tax Demand 400 360 Equilibrium 320 A 280 240 Consumer Surplus PRICE (Dollars per air conditioner) 200 Supply 160 Producer Surplus 120 80 40 0 20 40 60 80 100 120 140 160 180 200 QUANTITY (Air conditioners)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 $80 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 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 Demand 400 360 Tax Revenue 320 A 280 240 Tax Wedge Consumer Surplus PRICE (Dollars per air conditioner) 200 Supply 160 Producer Surplus 120 30 Deadweight Loss 40 0 20 40 60 80 100 120 140 160 180 200 QUANTITY (Air conditioners)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 ' l I ' Producer Surplus ' l