E V > G ng.cengage.com C + Cengage Learning MindTap - Cengage Learning ? Julieta G ng.cengage.com C + Cengage Learning MindTap - Cengage Learning Julieta G ng.cengage.com C + Cengage Learning MindTap - Cengage Learning Julieta G ng.cengage.com X + Cengage Learning Mind Tap - Cengage Learning Julieta G ng.cengage.com X + Cengage Learning Mind Tap - Cengage Learning Julieta G ng.cengage.com X + Cengage Learning Mind Tap - Cengage Learning Julieta G ng.cengage.com X + Cengage Learning Mind Tap - Cengage Learning Julieta G ng.cengage.com X + Cengage Learning Mind Tap - Cengage Learning Julieta G ng.cengage.com X + Cengage Learning Mind Tap - Cengage Learning Julieta SIGN ouT PRICE (Dollars per camera) 250 225 200 175 150 125 100 75 50 25 b Demand Equilibrium A 4 Consumer Surplus I Producer Surplus Supply 0 25 50 75 100 125 150 175 200 225 250 QUANTITY (Millions of cameras) Total surplus in this market is & million. o = Julieta PROFILE ORDERS LU LRSS COURSES v Study tools College Success Tips Career Success Tips Help [> SIGN ouT 0 @ ng.cengage.com [I] + O % Cengage Learning 2% MindTap - Cengage Learning +. 2 CENGAGE | MINDTAP Q. Search this course Homework (Ch 08) @ X 2. Taxes and welfare Consider the market for electric scooters. The following graph shows the demand and supply for electric scooters before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of electric scooters 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 300 T L 270 + = Demand ilibri 240 4 Equilibrium '5 210 + A 8 & 180 + Consumer Surplus 3 a 150 T g SIGN ouT 0 % Cengage Learning 72 CENGAGE | MINDTAP Homework (Ch 08) Suppose the government imposes an excise tax on electric scooters. The black line on the following graph shows the tax wedge created by a tax of $120 per scooter. 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. 300 270 240 210 150 120 PRICE (Dollars per scooter) 920 60 30 Demand 180 Tax Wedge After Tax Supply ng.cengage.com Tax Revenue A Consumer Surplus SIGN ouT 60 + 0 + D, PRICE (Dollars per watch) 30 + Z G 0 @ ng.cengage.com X [I] + O % Cengage Learning 2% MindTap - Cengage Learning RIS +. 2 CENGAGE | MINDTAP Q Search this course Homework (Ch 08) @ X 20 10 PROFILE o 4 + + + + + + + + + + + 1 0 50 100 150 200 250 300 350 400 450 500 550 600 ORDERS QUANTITY (Watches) RENTALS Instead, suppose the government taxes yoga mats. The following graph shows the annual supply and demand for this good, as well as the supply curve shifted up by the amount of the proposed tax ($50 per mat). COURSES v On the following graph, do for yoga mats the same thing you did previously on the graph for smart watches. Use the green rectangle (triangle symbols) to shade the area that represents tax revenue for yoga mats. Then, use the black triangle (plus symbols) to shade the area that represents the deadweight loss associated with the tax. Study tools ) ) College Success Tips Yoga Mats Market Career Success Tips 120 110 Suppl! el pply 100 Tax Revenue 90 S+Tax i 80 [> SIGN ouT Deadweight Loss 70 60 50 PRICE (Dollars per mat) 40 30 20 10 D., E V > G ng.cengage.com X + Cengage Learning Mind Tap - Cengage Learning ? Julieta G ng.cengage.com X + Cengage Learning Mind Tap - Cengage Learning Julieta G ng.cengage.com X + Cengage Learning Mind Tap - Cengage Learning Julieta