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Suppose the demand curve for a product is given by Qd= 20 4P and supply curve for this product is given by Q5 = 8 + 2P (a) What is the price elasticity of demand at equilibrium? (5 marks) (b) What is the consumer and producer surplus at equilibrium? (5 marks) (0) Suppose the government has used minimum price for this market is 5. It is argued supplier' s incomes are too low. Therefore, minimum prices have been used to increase prices above the equilibrium. Please dene the gap between quantity demanded and quantity supplied. (5 marks) ((1) Use the information in part (c) to calculate the deadweight loss