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2. Supply and Demand Worksheets a. Complete the study guide entitled Demand and Supply Study Guide ( /5) b. Complete the worksheet entitled Demand and
2. Supply and Demand Worksheets a. Complete the study guide entitled "Demand and Supply Study Guide" ( /5) b. Complete the worksheet entitled "Demand and Supply Practice" ( _/15) 3. Government Intervention: a. Draw two separate graphs for a binding price ceiling and a binding price floor and show what happens to consumer surplus, producer surplus, and deadweight loss after the policy. ( /5) b. The government often uses excise taxes, called "sin taxes," to manipulate consumption of cigarettes. Draw and label the shift from a tax. Identify the new price consumers pay, the price producers receive, the amount of tax revenue consumers pay, and the amount of tax revenue producers pay. Lastly, EXPLAIN why it is unlikely that this tax will significantly reduce cigarette consumption. ( /5)
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