Illustrate graphically the effects of both policies

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Reference no: EM13215041

The U.S. government administers two programs that affect the market for cigarettes. Media campaigns and labeling requirements are aimed at making the public award of the health dangers of cigarettes. At the same time, the Department of Agriculture maintains price supports for tobacco. Under this program, the supported price is above the market equilibrium price and the government limits the amount of land that can be devoted to tobacco production. Illustrate graphically the effects of both policies on the market for cigarettes. In your discussion answer the following: Are these two programs at odds with the goal of reducing cigarette consumption?

Reference no: EM13215041

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