Lecture Issues in economics today - Chapter 18: Tobacco and alcohol
Lecture Issues in economics today - Chapter 18: Tobacco and alcohol
In this chapter students will be able to: Apply the supply and demand model and the concepts of consumer and producer surplus to the markets for tobacco, alcohol, and illegal goods and services, conclude that economists endorse interference in a market for reasons related to the information and costs to innocent third parties, utilize the concept of elasticity of demand to analyze who gets hurt by taxes on tobacco and alcohol, analyze the impact of drug legalization.