TRUE or FALSE statement

"Suppose the government imposes a 5 per month excise tax on cable TV. If the demand for cable TV is perfectly inelastic and the supply curve is elastic (but not perfectly elastic), then the price of cable TV will increase by exactly 5."

To achieve full 5 marks. Your answer must contain -i)Identify whether the statement is TRUE or FALSE (1 markto be awarded) ; ii) Give short explanation (2 marksto be awarded) ; iii) Complement the answer with a relevant diagram or a formula (2 marksto be awarded).Marks are awarded based on the quality of your answer.