Question

Assume the demand curve for cigarettes is highly inelastic and the supply curve for cigarettes is highly elastic. Since the 1960s, the attitude of the public toward cigarettes changed significantly. If nothing else changed, would the shift in public preferences have a larger effect on price or on quantity? In the past decade or so, the federal and state governments have imposed significant taxes on the manufacture of cigarettes. In the short run, were the effects of these taxes larger on price or quantity? What have been the effects of public advertising campaigns that discourage people from smoking? Draw 3 separate graphs to illustrate each of your answers.

Answer 1

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Step-by-step explanation: