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In Scotland, a minimum price for all tobacco products including cigarettes is being suggested to reduce the number of smokers. The current market price of

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In Scotland, a minimum price for all tobacco products including cigarettes is being suggested to reduce the number of smokers. The current market price of a pack of cigarettes is $15. a. Suggest a minimum price for a pack of cigarettes that would be binding and explain why it is binding. b. Compare the number of packs of cigarettes traded in Scotland before the minimum price is imposed and after. Show these two quantities on a graph. Clearly label all axes, curves, and relevant points on the graph. References to these points should be used in the typed portion of your answer. c. Will this policy achieve the desired goal? Could there be an unintended consequence from this policy

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