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Draw a diagram labeling equilibrium, tax revenue, deadweight loss ,post tax consumer surplus .post tax producer surplus About 4.12 million phones are sold in the

Draw a diagram labeling equilibrium, tax revenue, deadweight loss ,post tax consumer surplus .post tax producer surplus

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About 4.12 million phones are sold in the US every day at an average price of $548. Suppose the government decides to charge a tax of $55 on the sale of each phone. After the tax is imposed, the average price of phones rises to 582 and the number of phones sold falls to 3.77. What is the deadweight loss (in millions of dollars) caused by imposing the tax? Hint: The area of a triangle is 1/2 base X height Select one: a. 103.7 Ob. 113.3 Or 96

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