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Question - Government officials in Kansas impose an excise tax of $0.30 per gallon of gasoline sold in the state. The tax is paid by suppliers. The table shows demand and supply schedules both with and without the excise tax.
Market for Gasoline
Price (dollars per gallon)
Quantity Demanded (billions of gallons)
Quantity Supplied (billions of gallons)
Quantity Supplied with Tax (billions of gallons)
$3.10
1.16
1.34
1.28
3.00
1.17
1.32
1.26
2.90
1.18
1.30
1.24
2.80
1.19
1.22
2.70
1.20
2.60
1.21
2.50
2.40
1.23
1.14
2.30
1.12
a. What is the tax revenue generated by the excise tax on gasoline?
b. Indicate on the graph the deadweight loss generated by the excise tax on gasoline.
Instructions: Use the tool provided 'DWL' to illustrate this area on the graph. Round your answer below to 3 decimal places.
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