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Please help question 18 Refer to the figure. 18 Market for Gasoline $9 Tools 8 A. Sux CS PS DWL TR Price (dollars) 12 16

Please help question 18

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Refer to the figure. 18 Market for Gasoline $9 Tools 8 A. Sux CS PS DWL TR Price (dollars) 12 16 20 Quantity (thousands of gallons) A tax on gasoline is an excise tax. Consider a $1.50 excise tax on producers for each gallon of gasoline sold. The graph illustrates the demand and supply curves for gasoline both before and after the tax is imposed. a. What is the consumer surplus generated after the imposition of the tax? Shade in this area on the graph. Instructions: Use the tool provided 'CS' to illustrate this area on the graph. b. What is the producer surplus generated after the imposition of the tax? Shade in this area on the graph. Instructions: Use the tool provided 'PS' to illustrate this area on the graph. c. What is the total revenue generated from the tax? Shade in this area on the graph. Instructions: Use the tool provided 'TR' to illustrate this area on the graph. d. What is the deadweight loss generated by the imposition of the tax? Shade in this area on the graph. Instructions: Use the tool provided 'DWL' to illustrate this area on the graph.

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