3. Please read the case study "The Short-Lived Luxury Tax", which was the Budget Reconciliation Act of 1990 Economics in the Real World on pg.177 in the textbook and answer the following questions 1. Which items were taxed? 2. Were these items considered to be elastic or inelastic and did the government collect more or less tax revenue from these items as a result of the implementation of the luxury tax? Why? 3. Overall, did the government make a wise decision in implementing a luxury tax on goods? Why or why not? Explain