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QUESTION 1 [40 MARKS] (a) ALCOHOL CONSUMPTION For many years' health campaigners have urged governments to act against abuse of alcohol since it brings harm to society. Governments have responded in a number of ways; restrictions have been imposed on where it can be consumed, health warnings printed and heavy indirect taxes have been imposed. It has been estimated that a 10% increase in price levels leads to a 4% fall in consumption. Health campaigners remain dissatised and call for still stronger action. (i) Define demand and explain on the relationship between price and quantity demanded. [5 marks] (ii) Using demand and supply analysis explain how the imposition of indirect tax will affect the equilibrium price and quantity with full explanation. [6 marks] (iii) What will be the effect on Total Revenue for alcohol producers when price of alcohol is raised? [3 marks] (iv) State 3 factors affecting demand and supply? [6 marks]