Topic: micro econ
Read the short article Bloomberg sets sights on smokers: $10.50 price floor for cigarettes by Jessica Chasmar, Washington Times:
The article talks about the bill that sets a price floor on cigarettes. Chapter 4 also discusses price controls and possible inefficiencies that result from price
controls. Write a short essay (no more than 2 pages) explaining:
1) what is a price floor, and when is a price floor binding/non-binding;
2) list 5 inefficiencies that may result from establishing a price floor;
3) discuss the price floor in the article:
a. what is the reason for the proposed price floor on cigarettes (as explained in the article)?
b. what would happen to the market demand/supply if the price floor were established?
c. apply the 5 inefficiencies (inefficiently low quantity, inefficient allocation of sales, wasted resources, inefficiently high quality, illegal activity) to the
particular case of price floor on cigarettes; what do they look like?
Bonus points (10 percent): Discuss how effect of the price floor might be different in the case of cigarettes compared to other goods (Hint: smokers often have an
aIDiction problem, which means their demand may be affected differently)
Why Choose Us
Top quality papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional academic writers
We have hired a team of professional writers experienced in academic and business writing. Most of them are native speakers and PhD holders able to take care of any assignment you need help with.
If you feel that we missed something, send the order for a free revision. You will have 10 days to send the order for revision after you receive the final paper. You can either do it on your own after signing in to your personal account or by contacting our support.
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & confidential
We use several checkers to make sure that all papers you receive are plagiarism-free. Our editors carefully go through all in-text citations. We also promise full confidentiality in all our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
You are welcome to choose your academic level and the type of your paper. Our academic experts will gladly help you with essays, case studies, research papers and other assignments.
Admission help & business writing
You can be positive that we will be here 24/7 to help you get accepted to the Master’s program at the TOP-universities or help you get a well-paid position.
Editing your paper
Our academic writers and editors will help you submit a well-structured and organized paper just on time. We will ensure that your final paper is of the highest quality and absolutely free of mistakes.
Revising your paper
Our academic writers and editors will help you with unlimited number of revisions in case you need any customization of your academic papers
Hello The Homework Helpers Support