Term Paper on "Economics of Alchohol Abuse Alcohol"

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Term Paper 4 pages (1853 words) Sources: 4

[EXCERPT] . . . .

g. A cartel in which the maintenance of the monopoly is done through force) (Schenk, 2010).

The purpose of a monopoly is to define and regulate market competition. In economics, imperfect competition is a situation in a given market where the conditions for perfect competition (equal market power) do not exist. .). Rarely, if ever, markets reach a state of market power called perfect competition, in which there are infinite buyers and sellers, no entry and exit barriers, and completely free and open information structures. To be a viable market, most economists believe there should be appropriate competition. There are several conditions that must occur, however, to reach this market goal: 1) Quantity of businesses -- there should a number of firms in the market, ideally at a similar sales level; 2) Entry and exit into and out of the market should be relatively easy; 3) Products should be homogenous; 4) Information should be forthcoming to all stakeholders (price, quality, production, ethics, etc.); 5) Price elasticity should be fairly even between competitors (Friedman, 1990).

REFERENCES

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Profit-Maximization in the Long Run. (2010). Welker'sWikinomics. Retrieved from: http://welkerswikinomics.wetpaint.com/page/Profit-Maximization+in+the+Long-run

Tobacco, Alcohol Industries Reject New Sin Tax Bill. (February 22, 2012). ABS/CBN News. Com. Retrieved from: http://www.abs-cbnnews.com/business/02/22/12/tobacco-alcohol-industries-reject-new-sin-tax-bill

Avorn, J. (2004). Power

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ful Medicines: The Benefits, Risks, and Costs of Prescription Drugs. New York: Random House.

Chaloupka, F. (1998). "The Impact of Proposed Cigarette Price Increases." Health Science

Analysis Project. Policy Analysis Number 9, 1-14.

Fogarty, J. (2006). The Own-Price Elasticity of Alcohol: A Meta-Analysis. The University of Western Australia. Retrieved from: http://www.animals.uwa.edu.au/__data/assets/pdf_file/0018/102528/04_01_Fogarty.pdf

Friedman, D. (1990). Price Theory. DavidFriedman.com. Retrieved from:

http://www.daviddfriedman.com/Academic/Price_Theory/PThy_ToC.html

Mankiw, N.G. (2011). Principles of Macroeconomics. Mason, OH: Cenage-Brain.

Schenk, R. (2010). Cybernomics. Saint Joseph's College. Retrieved from:

http://ingrimayne.com/econ/

Williams, R., Christ, K. (July 2009). Taxing Sin. Mercatus Center. George Mason University. Retrieved from: http://mercatus.org/publication/taxing-sin READ MORE

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Quoted Instructions for "Economics of Alchohol Abuse Alcohol" Assignment:

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1.Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis. 2.Analyze how prescription drugs affect the demand and supply of other products and services in this country. 3.Formulate a reason why the elasticity of demand is an important consideration when analyzing the impact of a shift in supply and why the elasticity of supply is an important consideration when analyzing the impact of a shift in demand. Include at least one (1) example in each scenario. 4.Provide two (2) examples of increasing-cost industries in your state and propose why they would have a positively sloped supply curve. 5.Suggest how, under certain conditions, a perfectly competitive market is economically efficient. 6.Use at least three (3) quality resources in this assignment. Your assignment must follow these formatting requirements: •Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. •Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: •Apply the underlying principles of economics and the economic way of thinking to assess market issues and make business decisions. •Analyze the dynamics of supply and demand to anticipate market equilibrium. •Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies. •Describe the impact of various forms of competition on business operations with emphasis on perfect competition. •Use technology and information resources to research issues in principles of economics. •Write clearly and concisely about principles of economics using proper writing mechanics

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