This exam consists of five questions; each question is worth twenty (20) points. The exam is worth one hundred points. Do all the questions. 1. Who bears the burden of an excise tax when the price elasticity of supply is low? Explain? 2. How did rent control affect social life of New Yorkers living in the Bronx during the 1970's? 3. Does the market for some products contradict the theory of supply of demand, Yes or No Explain? 4. The policies of microeconomics states that in every case in which the supply of a good is legally restricted, there is a wedge between the demand price of the quantity transacted and the supply price of the quantity transacted. Please explain using the appropriate model? 5. Explain the differences and or similarities between the "law of demand' and the price elasticity of demand