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1. In the following question, consider the market of tobacco.
(a) Suppose the tobacco market is competitive. Using a demand-supply diagram, explain how an increase in tobacco tax charged to the suppliers may help to reduce smoking. What will be the results if the tobacco tax is charged to the consumers but not the suppliers?
(b) It has been found in various economic studies that the price elasticity of demand for tobacco is generally between 0.3 and 0.6, which is relatively more inelastic than its supply. Use another demand-supply diagram to explain how the tax burden is allocated between the buyers and sellers of tobacco. Suppose the tobacco tax is charged to the suppliers.
(c) It is suggested that the government may impose a price floor on tobacco to achieve a result similar to (a) and (b). Use a demand-supply diagram to discuss how a price floor may help to reduce smoking.
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