Question
In: Economics
The government in your country is considering three programs that affect the market for cigarettes. Program...
The government in your country is considering three programs that affect the market for cigarettes.
Program 1: Media campaigns and labeling requirements aimed at making the public aware of the dangers of cigarette smoking.
Program 2: A price-support program for tobacco farmers.
Program 3: A cap on the number of cases of cigarettes sold per quarter at 20,000 cases.
Determine the impact of the market for cigarettes if Program 1 is implemented.
Chose from answers below:
Decrease towards equilibrium a) Impact on demand_________________
Increase towards equilibrium b) impact on supply __________________
No impact c) Impact on price ____________________
Change in quantity uncertain d) Impact on quantity _________________
Quantity above equilibrium
Price above equilibrium
Price below equilibrium
Shift outwards / to right
Shift inwards / to left
Excess aupply
Change in price uncertain
Quantity below equilibrium
Excess demand
Solutions
Expert Solution
A - Impact on demand = Shift inward to left
B - Impact on supply = No impact
C - Impact on price = Price below equilibrium
D - Impact on quantity = Quantity below equilibrium
The program 1 was aimed at the reduction of demand. It was not a supply oriented program. Hence there will be no change in supply.
Rahul Sunny answered 2 years agoRelated Solutions
The government in your country is considering three programs that affect the market for cigarettes. Program...
The government in your country is considering three programs
that affect the market for cigarettes.
Program 1: Media campaigns and labelling requirements aimed at
making the public aware of the dangers of smoking.
Program 2: A price-support for tobacco farmers
Program 3: a cap on the number of cases of cigarettes sold per
quarter at 20,000 cases
Determine the impact on the market for cigarettes if
Program 1, 2, 3 is implemented.
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Impact on supply
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where
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A country which does not tax cigarettes is considering the introduction of a $0.40 per pack...
A country which does not tax cigarettes is considering the
introduction of a $0.40 per pack tax. The economic advisors to the
country estimate the supply and demand curves for cigarettes
as:
QD = 140,000 -
25,000P QS =
20,000 + 75,000P,
where Q = daily sales in packs of cigarettes, and P = price per
pack. The country has hired you to provide the following
information regarding the cigarette market and the proposed
tax.
What are the equilibrium values...
A country which does not tax cigarettes is considering the introduction of a $0.40 per pack...
A country which does not tax cigarettes is considering the
introduction of a $0.40 per pack tax. The economic advisors to the
country estimate the supply and demand curves for cigarettes
as:
QD = 140,000
-25,000P Qs = 20,000 +
75,000P
Where Q = daily sales in packs of
cigarettes, and P = price per pack.
The country has hired you to provide
the following information regarding the cigarette market and the
proposed tax.
What are the equilibrium values in...
A country which does not tax cigarettes is considering the introduction of a $0.40 per pack...
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country estimate the supply and demand curves for cigarettes as: QD
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packs of cigarettes, and P = price per pack. The country has hired
you to provide the following information regarding the cigarette
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