8. (6 pts, 3pts each part) In class you were introduced to the following rule: "The more elastic curve (supply or demand) bears the least burden (producer or consumer)" Further, it was argued that this rule is formalized by the equations,

FC= ES ES +|ED|

FS= ED ES +|ED|

where C is the consumer's fraction of tax (or share or percentage or incidence) and P is the supplier's (or producer's) fraction.

(a) Draw a picture for a supply curve that is perfectly elastic, and a demand curve that is neither perfectly elastic nor perfectly inelastic. Show the government revenue paid by consumers and producers following a tax. Explain how these shares are in line with the equations above.