Please help question 19

McGraw Hill Connect X Question 19 - HW Market Effic x eSantaFe - My FA Sta ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%25 Market Efficiency Saved Refer to the figure. 19 Market for Yachts 340 Tools 320 300 280 260 S + tax Economic sur CStax 240 Print 220 200 Price (thousands of dollars) 180 Tax revenue PSLax 160 140 120 100 80 20 O 50 100 150 200 250 300 350 O Quantity A tax on yachts would normally be considered a tax on wealthy consumers. Consider a $60,000 excise tax on producers for each yacht sold. The graph illustrates the demand and supply curves for yachts both before and after the tax is imposed. Instructions: Round your answers to 1 decimal place. a. Total economic surplus before the tax is $24 million. Shade in this area on the graph. Instructions: Use the tool provided 'Economic surplus' to illustrate this area on the graph. b. What is the consumer surplus generated after the imposition of the tax? Shade in this area on the graph. Instructions: Use the tool provided 'CStax' to illustrate this area on the graph. Consumer surplus after the imposition of the tax is $ million. c. What is the producer surplus generated after the imposition of the tax? Shade in this area on the graph. Instructions: Use the tool provided 'PStax' to illustrate this area on the graph. Producer surplus after the imposition of the tax is $ million. d. What is the total revenue generated from the tax? Shade in this area on the graph. Instructions: Use the tool provided 'Tax revenue' to illustrate this area on the graph. Tax revenue from the tax after the imposition of the tax is $ million. e. What is the total economic surplus generated after the imposition of the tax? Total economic surplus after the imposition of the tax is $ million. f. What is the deadweight loss generated after the imposition of the tax? The deadweight loss after the imposition of the tax is $[ million