Safari File Edit View Histow Bookmarks Window Help x TueMar2812128PM l5l Ll El [Ell Q Search this course Homework (Ch 08) 0 X 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 '1' Equilibrium A Consumer Surplus 0 Producer Surplus PRICE (Dollars per air conditioner) 420 560 700 340 sac 1120 12601400 QUANTITY (Air conditioners) Safari File Edit View Histow Bookmarks Window Help x TueMar2812128PM l5l Ll El [Ell Q Search this course Homework (Ch 08) 0 X 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 paint (triangle symbol) to shade the area representing total consumer surplus after the tax. Then, use the purple paint (diamond symbol) to shade the area representing total producer surplus after the tax. Finally, use the black paint (plus symbol) to shade the area representing deadweight loss. C?) 300 270 240 Tax Revenue 210 A 180 Tax Wedge Consumer Surplus 150 Q 120 Producer Surplus 9\" - 60 PRICE (Dollars per air conditioner) Deadweig ht Loss 30 o 140 260 420 560 700 640 980 1120 12601400 QUANTITY (Air conditioners) . l3 Safari File Edit View Histon/ Bookmarks Window Help x TueMar2812128PM @i m E] [oi Q Search this course Homework (Ch 08) 0 X 9 Producer Surplus 0 ul 0 PRICE (Dollars per '3 as a Deadweig ht Less is a D 140 280 420 560 700 840 980 1120 12601400 QUANTITY (Air conditioners) Complete the following 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 Producer Surplus Tax Revenue Deadweight Loss Continue without saving