9 E V 71% 6 0 Q G) R ng.cengage.com C a + 33 Q Illinois state Uni... .'I': MindTap Ceng... u Course Hero u Course Hero u Course Hero u Course Hero u Course Hero u Course Hero u Homework Help... Dylan v a: CENGAGE I MINDTAP Q Search this course 9 My Home Assignment 9 o X Courses 2. Taxes and welfare Catalog and Study Tools Consider the market for mountain bikes. The following graph shows the demand and supply for mountain bikes before the government imposes any taxes. Rental Options rst, use the black paint (plus symbol) to indicate the equilibrium price and quantity of mountain bikes in the absence of a tax. Then use the green College Success Tips point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond Career Success Tips symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. (\"D Before Tax Demand 200 '1' Think Before You Drop! The "5 Consequences of... 160 Eqm'ib'ium . A 140 A .92 9 Help a 120 Consumer Surplus Q E] Give Feedback % 10 - o LioJ 8 Producer Surplus E 60 40 20 0 1O 20 30 40 50 60 70 ED 90 100 QUANTITY (Bikes) GOG C + 88 v > ng.cengage.com Course Hero Course Hero Course Hero Homework Help... Illinois State Uni... MindTap - Ceng. Course Hero Course Hero Course Hero CENGAGE |MINDTAP Q Search this course ? Dylan v X My Home Assignment 9 Suppose the government imposes an excise tax on mountain bikes. The black line on the following graph shows the tax wedge created by a tax of $40 Courses per bike. Catalog and Study Tools First, use the tan quadrilateral (dash symbols) to shade the area representing tax revenue. Next, use the green point (triangle symbol) to shade the Rental Options 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. College Success Tips ? A-Z Career Success Tips RECOMMENDED FOR YOU After Tax Demand 200 STOP THINK ACT 180 Tax Revenue 160 Think Before You Drop! The A 140 Consequences of... 120 Tax Wedge Consumer Surplus ? 100 PRICE (Dollars per bike Help Supply bongo 80 Producer Surplus Give Feedback 60 A+ 40 Deadweight Loss 20 O 10 20 30 40 50 60 70 80 90 100 QUANTITY (Bikes)9 E V 71% 'FL 6 0 Q G) R ng.cengage.com c, a + 33 Illinois state Uni... 5': MindTap Ceng... Course Hero Course Hero Course Hero Course Hero Course Hero Course Hero Homework Help... . Dylan V '2: CENGAGE | MINDTAP Q Search this course 9 My Home Assignment 9 o X A 140 A Courses % 5 120 Consumer Surplus a. Catalog and Study Tools g loo 3 - 9 no Rental Options 8 Produoer Surplus E 6 I College Success Tips 40 Deedweight Loss Career Success Tips 20 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Bikes) Think Before You Drop! The Consequences of... 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. 9 Help Note: You can determine the areas of different portions of the graph by selecting the relevant area. Before Tax After Tax E] Give Feedback (Dollars) (Dollars) Consumer Surplus Producer Surplus Tax Revenue 0 Deadweight Loss 0 Grade It Now Save & Continue Continue without saving