Suppose that the tourism industry is recovered from COVID which leads to higher usage of a local highway, the local government need to increase its purchases of concrete for road maintenance. As a result, there is an increase in the quantity of concrete supplied from 8 million to 10 million cubic meters per year.The increase in the concrete produced will drive the concrete price up from $5 per cubic meter to $5.5 per cubic meterIn addition-the elasticity of demand in the concrete market at the new equilibrium is-0.20 (round to 2 decimal places where applicable)(Draw/construct relevant diagram(s) in your answer.

Calculate the change in the consumer surplus and report whether it is a gain or a loss