'In 2017 in Australia, 309 million packs of 25 cigarettes per pack were sold by Australian...
'In 2017 in Australia, 309 million packs of 25 cigarettes per
pack were sold by Australian retailers, at an average price of $31
per pack. Illustrate the Australian legal cigarette market using a
demand and supply diagram. Place the above numbers on your
diagram.'
Can I please have the above explained and how I plot this on a
diagram correctly?
Homework Answers
Ans:
In the below diagram OY shows price of pack of cigarette and OX shows quantity of cigarettes demanded and supplied. At the price of $31 quantity demanded and supplied for cigarettes is 309 million packs of cigarettes.
Here it is assumed that the market of cigarette is perfectly competitive as there is nothing clearly mentioned in the problem regarding market structure of the product. In this type of the market price is decided by the market forces i.e., demand and supply. So at point E both curve intersect with each other and seller are ready to supply and buyers are ready to buy at this point.
Diagram:
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'In 2017 in Australia, 309 million packs of 25 cigarettes per
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. Refer to Figure 1-5. The figure above represents demand and
supply in the market for cigarettes. Use the diagram to answer the
following questions.
a. How much is the government tax on each pack of
cigarettes?
b. What portion of the unit tax is paid by consumers?
c. What portion of the unit tax is paid by producers?
d. What is the quantity sold after the imposition of the
tax?
e. What is the after-tax revenue per pack received...
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