Question
In 1998, the Kenyan government confiscated and burnt 12 tons of elephant ivory in a gesture to persuade the world to halt the ivory trade.
In 1998, the Kenyan government confiscated and burnt 12 tons of elephant ivory in a gesture to persuade the world to halt the ivory trade. They hoped that the gesture would reduce demand for ivory by bringing attention to illegal poaching. Assume that demand and supply are neither perfectly elastic nor perfectly inelastic.
1. What is the effect on price in the ivory market if the gesture is effective?
2. What is the effect on quantity in the ivory market if the gesture is effective?
3. What is the effect on price in the ivory market if the gesture has no effect?
4. What is the effect on quantity in the ivory market if the gesture has no effect?
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Microeconomics
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
2nd edition
1464187029, 978-1464189104, 1464189102, 978-0716759751, 716759756, 978-1464187025
