Content X Course Hero X X MindTap - Cengage Learning + . . . G ng.cengage.com/staticb/ui/evo/index.html?deploymentld=59814121952542253916504548&eISBN=9780357133576&snapshotld=381598... Q CENGAGE | MINDTAP Q Search this course ? X Homework (Ch 08) Consider the market for designer handbags. The following graph shows the demand and supply for designer handbags before the government imposes any taxes. A-Z E 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 L symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. EI Before Tax 100 bongo + 90 Demand Equilibrium 80 A 70 60 Consumer Surplus 50 A+ ? PRICE ( Dollars per handbag 40 Producer Surplus 30 Supply 20 6:02 PM 790F Q Search (x O 3/2/2024 SunnyContent X MindTap - Cengage Learning X Course Hero + X G ng.cengage.com/staticb/ui/evo/index.html?deploymentld=59814121952542253916504548&elSBN=9780357133576&snapshotld=381598... Q . . . CENGAGE | MINDTAP Q Search this course ? Homework (Ch 08) X 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. E A-Z L Before Tax 100 EI -+ 90 Demand 80 Equilibrium 70 A bongo 60 Consumer Surplus 50 PRICE (Dollars per handbag 40 Producer Surplus 30 Supply 20 ? A+ 10 0 0 160 320 480 640 800 960 1120 1280 1440 1600 QUANTITY (Handbags) 79OF Q Search (x O 6:02 PM Sunny 3/2/2024Content X MindTap - Cengage Learning X Course Hero + X G ng.cengage.com/staticb/ui/evo/index.html?deploymentld=59814121952542253916504548&elSBN=9780357133576&snapshotld=381598... Q . . . CENGAGE | MINDTAP Q Search this course ? Homework (Ch 08) X 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 $40 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 A-Z E 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. L EI After Tax 100 bongo Demand Tax Revenue 80 70 A 60 Tax Wedge Consumer Surplus 50 PRICE (Dollars per handbag ? A+ Producer Surplus 30 Supply Deadweight Loss 790F Q Search (x O 6:03 PM Sunny 3/2/2024Content MindTap - Cengage Learning + X X X Course Hero . . . C ng.cengage.com/staticb/ui/evo/index.html?deploymentld=59814121952542253916504548&elSBN=9780357133576&snapshotld=381598... Q ? CENGAGE |MINDTAP Q Search this course X Homework (Ch 08) (? After Tax A-Z a 100 90 Demand Tax Revenue A 70 60 Tax Wedge Consumer Surplus PRICE (Dollars per handbag) 40 Producer Surplus bongo 30 Supply 20 Deadweight Loss 10 0 160 320 480 640 800 960 1120 1280 1440 1600 QUANTITY (Handbags A+ (? C- 6:03 PM 79OF Q Search (x O 3/2/2024 SunnyContent X MindTap - Cengage Learning X Course Hero + X G ng.cengage.com/staticb/ui/evo/index.html?deploymentld=59814121952542253916504548&eISBN=9780357133576&snapshotld=381598... Q . . . CENGAGE |MINDTAP Q Search this course ? Homework (Ch 08) X 20 Deadweight Loss 10 0 0 160 320 480 640 800 960 1120 1280 1440 1600 A-Z a QUANTITY (Handbags) EI 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. bongo Before Tax After Tax (Dollars) (Dollars) Consumer Surplus Producer Surplus Tax Revenue O o Deadweight Loss ? A+ Grade It Now Save & Continue Continue without saving C- 79OF Q Search (x O 6:03 PM Sunny 3/2/2024