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Few Economics questions on the topic of Demand, Supply, Taxes & Market Structure

Number of Words : 3045

Number of References : 7

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This assignment provides answers to the following questions – <br />1) Using a graph, show how a tax affects an initially unregulated market equilibrium for<br />alcoholic drinks. Then, using welfare analysis, identify the differences in consumer<br />sur, producer sur, deadweight loss and government revenue before and after the<br />tax. <br />2) How does the slope of the demand and supply curves determine the effect of an increase<br />in taxes on subsequent alcohol consumption? Who is more likely to change their behavior<br />as a result of an increase in alcohol tax: the consumer or producer? Why? <br />3) According to the article, what is the primary purpose of the proposed changes to alcohol<br />taxation? Do you think it will be effective? Are there better alternatives to a tax?<br />4) Draw a graph depicting a single firm in the market for alcoholic drinks, assuming the<br />market is perfectly competitive. <br />5) Using a graph, introduce a tax on alcoholic drinks in the market. How does this affect the<br />individual firm, and the rest of the perfectly competitive market? Differentiate between<br />the long and short-run.<br />6) How does your answer in (2) change if the market was a monopoly instead? Show this on<br />a graph and explain.<br />

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