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4. Explain the concept of consumer surplus using graphs or equations. (5 points) 5. Why does it matter that social surplus is maximized? Cite two explanations. (5 points each) 6. What is corrective taxation? If you were the government, how will you make sure that corrective taxation lowers pollution? *Hint: what role does the government play in the market for externalities? (10 points) 7. If the demand function is D(p) = Q = 10 - 2p: a) Not considering the equilibrium price and quantity, what is the elasticity of demand when p = 5? (5 points) b) When does the demand elasticity become unitary elastic? (5 points) c) If we impose a specific tax t = 3 on the producer with a S(p) = Q = -20 + 4p. How would the equilibrium price increase? (4 points) How about quantity? (2 points) What is the supply elasticity given this equation? (2 points) Based on this, what can you say about the burden of the tax? (2 points) d) What is the tax incidence on the buyer and seller? (10 points) e) What is the deadweight loss? Interpret the meaning of this DWL in the economy. (5 points) 8. Explain the concept of deadweight loss and relate it to public policy, Cite an example of a possibly deadweight loss in the Philippine economic landscape and suggest how such DWL can be minimized. (15 points)