Scenario 8-3
Suppose the market demand and market supply curves are given by the equations: 
-Refer to Scenario 8-3. Suppose that a tax of T is placed on buyers so that the demand curve becomes: 
If T = 40, how much is the burden of the tax on the buyers and on the sellers?
Definitions:
Federalism
A system of government in which power is divided between a central authority and constituent political units.
State Traditions
The historical and cultural practices, norms, and values that are recognized and followed within a specific state.
National Government
The political authority that governs an entire nation, as opposed to local or state government.
Gibbons v. Ogden
A landmark Supreme Court case in 1824 that held Congress has the power to regulate interstate commerce under the Commerce Clause of the Constitution.
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