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3. The widget industry is perfectly competitive. Currently, the price of widgets is $10 and 10,000 widgets are sold per year. Economists have estimated that the elasticity of demand for widgets is -0.5 and the elasticity of supply is 1.5. (a) The government has decided to raise $12,500 per year by imposing a per unit excise tax on widgets. What must be the size of the excise tax in order for the government to achieve its goal? (b) Calculate the excess burden of the tax from part (a). 4. The country of Imaginaria produces just two goods, X and Y. The production functions for the two goods are X = Min[Kx, LI] and Y = Min[Ky, L3,] Imaginaria has 100 units of capital (K) and 200 units of labor (L) available for production. There are just two consumers in Imaginaria, who each own half the labor and half the capital in the economy and have identical utility functions _ 3 _ 3 u... xAyA and us xayg (a) Find Imaginaria's production possibilities frontier. (b) Find the Walrasian equilibrium for Imaginaria: how much X and Y will be produced and what will be the price of X in terms of the price of Y? (c) What will be the wage rate and the rental rate on capital in the Walrasian equilibrium