1. Here in Houston, we pay just under 40 cents per gallon in taxes split between state and federal revenues. The elasticity of demand is 0.30, while the elasticity of supply is unit-elastic: 1. a. [6 points] Graph the demand and supply curves without a tax. Also graph the supply curve with the tax. Identify dead-weight-loss and the government revenue on the graph. (do not use numbers, but have it represent the elasticities) b. [5 points] Calculate the share of the burden of the tax. Who bears the higher burden, consumers or producers? c. [6 points] Finally, because of the forthcoming electric cars, price elasticity of demand for gasoline may increase to 0.8. What will happen to the government revenue and dead weight loss? Graph an illustration of this