Please explain it detailed

State whether the following statements are true of false. If your answer if false, please explain why and correct the sentence. a. Producer surplus is the difference between the most a person is willing to pay and market price. b. Producer surplus describes a situation in which there is excess quantity demanded. c. Deadweight loss is the difference between consumer surplus and producer surplus. d. At equilibrium, deadweight loss is zero. e. Perfectly inelastic demand is represented as a vertical line. f. Price elasticity of demand is calculated as the change in price divided by the change in quantity demanded. g. Perfectly elastic demand has an elasticity value of zero. h. Perfectly inelastic demand has an elasticity value of 1. i. How total revenue changes when a price changes can be predicted using price elasticity of demand. j. When demand is elastic, an increase in price will result in an increase in total revenue. k. When demand is inelastic, a decrease in price will result in an increase in total revenue. 1. When demand is unit elastic, an increase in price will result in an increase in total revenue. m. Demand is more elastic for an item for which few substitutes are available