Question
Hi, I would like to seek assistance for the below question: Explain how the below factor will affect the demand curve or the supply curve
Hi, I would like to seek assistance for the below question:
Explain how the below factor will affect the demand curve or the supply curve and the effects on the equilibrium price and quantity in the cigarettes market. Support your answers with suitable market diagrams. Your diagram should take into consideration the price elasticity of demand and supply for cigarettes.
i) Research concludes that smoking will cause cancer
Additional question:
I am very confused as to how can I apply the elasticity concept for this question, do I apply price elasticity of demand or price elasticity of supply in this case? Thank you in advance for your assistance!
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