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Market for cigarettes

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QUESTION #1: Using demand and supply curves, show the effect of each of the following on the market for cigarettes:

a. A cure for lung cancer is found.

b. The price of cigars increases.

c. Wages increase substantially in states that grow tobacco.

d. A fertilizer that increases the yield per acre of tobacco is discovered.

e. There is a sharp increase in the price of matches, lighters, and lighter fluid.

f. More states pass laws restricting smoking in restaurants and public places.

QUESTION #2: What happens to the equilibrium price and quantity of ice cream in response to each of the following? Explain your answers. 

? The price of dairy cow fodder increases.

? The price of beef decreases.

? Concerns rise about the fat content of ice cream. Simultaneously, the price of sugar (used to produce ice cream) increases.

Reference no: EM131901572

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