Homework Answers
After imposition of taxes the orange line shift to the leftward as shown in the given figure which implies change in the the supply curve.
Before tax :-
Consumer Surplus = (1/2)*(40-30)*(320-0)=1600
Producer Surplus =(1/2)*(30-0)*(320-0)=4800
Tax Revenue =0
Dead Weight Loss =0
After Tax :-
Consumer Surplus = (1/2)*(40-35)*(160-0)=400
Producer Surplus =(1/2)*(15-0)*(160-0)=1200
Tax Revenue = (35-15)*(160-0)=3200
Dead weight loss = ((1/2)*5*160)+((1/2*15*160)=1600
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symbol) to indicate the equilibrium price and quantity of mountain
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