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Analyze the effect of a gasoline tax in the U.S. in 2005-2007. Gasoline was selling at $2 per gallon and total consumption was about 100 billion gallon per year (bg/y). Assume the price elasticity of demand for gasoline is -O.5 and supply elasticity is 0.4. 1. 74.95-71.45\" Obtain the equation for demand curve [assume a linear demand equation (qd = a - b p) and obtain b (slope) from the elasticity and then a from the equation]. . Obtain the equation for supply curve [assume a linear supply equation (as = c + d p} and obtain 0' (slope) from the elasticity and then c from the equation]. . What is the market price and equilibrium quantity for gasoline? What is the effect of $1-per-gallon tax on price and quantity? How would the burden of this tax be split between the buyers and the sellers? How much revenue would government collect? How much is the deadweight loss resulting from the tax? [Hint: calculate changes in total surplus: consumer, producer, and government surplus] Is the tax on gasoline desirable