WebThe following graph shows the market for socks before the tax. Assume that neither the demand curve nor the supply curve is perfectly elastic or perfectly inelastic Use the green polygon (triangle symbol) to indicate the area that represents total spending by consumers before the government implements the tax, Then use the purple polygon (diamond … WebThen use the purple polygon (diamond symbol) to shade the area representing total revenue for producers in this case. The following graph shows the same market for socks, and the corresponding tax wedge. …

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WebThe graph below shows a supply and demand curves for socks. Original (before tax) equilibrium price is labeled as Pe and equilibrium quantity as Qe. Before the imposition of the tax, total consumer spending is equal to producers revenue - Pe \cdot ⋅ Qe, which is equal to area B + C + D + E on the graph. fnis warnings

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