04. Use following data set to answer the questions below the table. Price QD Qs 12 140 20 20 100 100 28 60 180 36 20 260 a) Derive the equation for demand and supply curve. Find the equilibrium price and quantity and show the diagram. b) Now assume that government has imposed a Goods and Service Tax (GST) of 3 taka on this product. Find the new equilibrium and quantity. c) Is there any dead weighted loss created due to this action? If yes, calculate the amount of dead weighted loss. 05. Suppose, the market for rice in Rajshahi can be described as follows: The demand for rice is linear and when the price of rice is Tk 800, zero tons of the good are demanded. When the price of the rice is TK. 0, then 800 tons of rice are demanded. The supply of rice is linear too and when the price of rice is TK 100, zero tons of the good are supplied. When the price of the rice is TK. 1000, then 900 tons of rice are supplied. a) Given the above information, find the equilibrium quantity and price in the rice market. b) Suppose a price ceiling of TK. 400 per ton is imposed by the local city council. Calculate the change in consumer and producer surplus.3 Demand for product X decrease from 60 units to 40 units when price of product y decrease to 10 taka from 12 taka . Find the elasticity of demand and comment on the result 4 Demand for a product decrease from 150 units to 100 units when incomes increases to 1600 dollar from 1200 dollar . Find the income welvamsvticy if demand and comment on result