2. Suppose the market for widgets has demand curve PD = 100 Qp and supply curve P3 = Q3. (a) What is the equilibrium price and quantity? Also calculate consumer and producer surplus. (b) Suppose the government imposes a $10 excise tax on suppliers of widgets. Find the price consumers will pay, the price suppliers receive and the quantity that will be traded. [Hintz start by writing and equation that relates the price consumers pay (PD), the price suppliers receive (P3) and the $10 tax to each other]. (c) How much revenue does the tax raise? What is the deadweight loss, if any? ((1) Out of the tax revenue, what fraction would have been consumer surplus if it weren't for the tax? What fraction would have been producer surplus? (We call these fractions the \"tax incidence\" for consumers and producers, respectively.) (e) Now consider a separate market for gadgets, where demand is given by P9 = 125 1.5629 and supply is given by P3 = 254-05623. Repeat parts (a)-(d) for the market for gadgets. (f) In which market (widgets or gadgets) is the tax incidence heavier on consumers? Com- ment on how this relates to elasticities in the two markets