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. Before Tax Demand Equilibrium A Consumer Surplus PRICE (Daollars per handbag) 160 - - - - - T/ Producer Surplus 1 1 1 1 40 + I 1 0 0 60 120 1380 240 300 360 420 430 540 600 QUANTITY (Handbags) 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 $160 per handbag. 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 A Tax Revenue A Consumer Surplus Tax Wedge Producer Surplus Deadweight Loss PRICE (Collars per handbag) 40 + 0 60 120 180 240 300 360 420 480 540 600 QUANTITY (Handbags) 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 | | | |