Question 5 PART B: Short answer question: 61 marks (a) Explain the difference between the law of supply and the price elasticity of supply. (4 marks) (b) Use the price elasticity of supply concept and economic reasoning tojudge whether the supply for each of the following products is either elastic or inelastic: (i) Gold (2 marks) (ii) Testing kits for Covid 19 (2 marks) (iii) Handphone (2 marks) (c) Discuss how the following scenarios affect the equilibrium price, output and total Revenue (note: no need to draw a diagram): (i) Good weather helps farmers to produce a bumper crop for rice. (3 marks) (ii) Government imposes a 25% excise taxes on air ticket. (3 marks) [Total: 16 Marks]