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Chapter 4 & 6: Case Study: Supply, Demand, and Market Equilibrium: (10 Points) In the first assignment for the Macroeconomics course, the students are required to choose a specific area from the subject and answer the questions given, upon successful completion of the assignment; the student should be able to achieve the following learning outcomes: Learning Outcomes: Define the institutional framework of macroeconomic policymaking. [CLO 1.1]
Analyze economic problems within the conceptual framework of mainstream macroeconomics. [CLO 2.1] Are these goods substitutes or compliments for cigarettes? (100 – 150 words – 1.25 point)
Using a supply and demand diagram, show what happens in the markets for cigars and chewing tobacco if the tax on cigarettes is increased. (100 – 150 words – 1.25 point)
If policy makers wanted to reduce total tobacco consumption, what policies could they combine with the cigarette tax? (100 – 150 words – 1.25 point)
How can we reduce the consumption of cigarettes in economics? (100 – 150 words -1.25 point)
Reference Source: Textbook: – Mankiw, N. Gregory. Principles of Macroeconomics, 6th ed. Mason, OH: South-Western Cengage Learning, 2011. ISBN: 9780538453066 (hard copy); ISBN: 9781115468523 (eBook) Case Study:1 (5 Points) Please read the case “Two Ways to Reduce the Quantity of Smoking Demanded” from Chapter 4 “Supply, Demand, and Market Equilibrium” Page: – 71 given in your textbook – “Principles of Macroeconomics”. The case study presented in the chapter discussed cigarette taxes as a way to reduce smoking. Now think about the markets for other tobacco product such as cigars and chewing tobacco. and Answer the following Questions: Questions: Important Note: – Support your submission with course material concepts, principles, and theories from the textbook and at least two scholarly, peer-reviewed journal articles. Case Study:2 (5 Points) Please read the case “The Minimum Wage” from Chapter 6 “Supply, Demand, and Government Policies” Page: – 117 given in your textbook – “Principles of Macroeconomics”. A case study discusses the federal minimum-wage law. Questions: Important Note: – Support your submission with course material concepts, principles, and theories from the textbook and at least two scholarly, peer-reviewed journal articles. Answer:
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