Why are cigarettes and alcohol the most heavily taxed

Reference no: EM13706095

1. Why are cigarettes and alcohol the most heavily taxed items in the US? Now, if the government increases the price of these items by 10%, how does this affect the stores that sell them?

2. What happens if you are willing to pay $80 to go to a concert, but the ticket prices are only $50. How does this affect the producer and consumer surplus in markets?

Reference no: EM13706095

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