Elasticity – “Discussed some of the points in detail.”
Question Description
In 2004, Congress allocated over $20 billion to fight illegal drugs.About 60 percent of the funds was directed at reducing the supply ofdrugs through domestic law enforcement and interdiction. Some critics ofthis approach argue that supply-side approaches to reduce the drugsupply actually help drug producers.
- Demonstrate graphically the effect of supply-side measures on the market for illegal drugs.
- Explain how these measures affect drug producers. (Hint: Consider the elasticity of demand).
- Demonstrate the effect of demand-side measures such as treatment and prevention on the market illegal.
- How does the shift in demand affect the profitability of producers?
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