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2. Taxes and welfare Consider the market for air conditioning units. The following graph shows the demand and supply for air conditioning units before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of air conditioning units 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 300 270 Demand Equilibrium 240 A 10 180 Consumer Surplus 150 PRICE (Dollars per air conditioner) 120 Producer Surplus 90 Supply 60 30 20 40 60 80 100 120 140 160 180 200 QUANTITY (Air conditioners) Suppose the government imposes an excise tax on air conditioning units. The black line on the following graph shows the tax wedge created by a tax of $120 per air conditioner. 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.r'" CENGAGE I MINDTAP Homework (Ch 08) 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. @ Afler Tax 300 2770 Demand 240 Tax Revenue a E .g 210 A E 8 130 Tax Wedge Consumer Surplus '6 3 150 Q E (E E 120 Producer Surplus 9 NJ 90 2 Sn I I 1 PP Y n. :n o Deadweighf Loss u o n 10000000001 0 20 4O 60 80 100 120 140 160 180 200 QUANTITY (Air conditioners) Complete the foiiowing 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 I I I I Producer Surplus