22 Jul DETERMINE THE EQUILIBRIUM PRICE AND QUANTITY OF LUXURY YACHTS IN THE ABSENCE OF A TAX.
Consider the market f Show more please help me determine the graphing and the before tax and after tax thanks! Consider the market for luxury yachts depicted on the following graph. Determine the equilibrium price and quantity of luxury yachts in the absence of a tax. Using the green triangle (triangle symbols) shade the area representing total consumer surplus (CS) at the equilibrium price. Next use the purple triangle (diamond symbols to shade the area on the following graph representing total producer surplus (PS) at the equilibrium price. Suppose the government imposes an excise tax on luxury yachts. The black line on the following graph shows the tax wedge created by a tax $35000 per yacht. On the graph use the green triangle (triangle symbols) to shade the area representing total consumer surplus after the tax. Use the purple triangle (diamond symbols) to shade the area representing total producer surplus after the tax then use the red quadrilateral corss symbols to shade the are representing tax revenue and use the tan triangle (rectangle symbols to shade the are representing dead weight loss. Mouse over the ares you plotted on the previous graphs to etermine the values for consumer and producer surplus before the tax and for producer surplus consumer surplus tax revenue and deadweight loss after the tax. Use these values to fill in the following table: Before Tax: After Tax: Consumer Surplus: Producer Surplus: Government Tax Revenue: 0 Deadweight Loss: 0 Show less
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