2. Taxes and welfare Consider the market for commercial fans. The following graph shows the demand and supply for commercial fans before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of commercial fans 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 150 135 Demand Equilibrium 120 105 A 90 Consumer Surplus 75 PRICE (Dollars per fan) 60 Producer Surplus 45 Supply 30 15 70 140 210 280 350 420 490 560 630 700 QUANTITY (Fans) 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 $60 per fan.First, use lateral (dash symbols) t use the green point (triangle symbol) to 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 150 135 Demand Tax Revenue 120 A 105 90 Tax Wedge Consumer Surplus 75 PRICE (Dollars per fan) 60 Producer Surplus 45 Supply 30 Deadweight Loss 15 0 70 140 210 280 350 420 490 560 700 QUANTITY (Fans) 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 Producer Surplus Tax Revenue 0 Deadweight Loss 0