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BUSINESS ECONOMICS Name of the University Author's Note

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Central Queensland University

   

Business Ethcis and Sustainability (MGMT20134)

   

Added on  2020-03-02

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MGMT20134 - This essay reflects on the present consumption of cigarettes and its market. It also facilitates in investigating the factors that influences cigarettes demand and supply. In addition, the product nature and its demand elasticity is also discussed in this study. Moreover, the elasticity of cigarettes has been assessed according to its current demand and supply. Few measures adopted by the Australian government that affects the cigarettes production is also explained in this study.

BUSINESS ECONOMICS Name of the University Author's Note

   

Central Queensland University

   

Business Ethcis and Sustainability (MGMT20134)

   Added on 2020-03-02

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Running head: BUSINESS ECONOMICSBUSINESS ECONOMICSName of the StudentName of the UniversityAuthor’s note
BUSINESS ECONOMICS Name of the University Author's Note_1
1BUSINESS ECONOMICSTable of contentsIntroduction......................................................................................................................................3Discussion........................................................................................................................................3Demand determinants..................................................................................................................3Supply determinants....................................................................................................................4Analyzing the result of demand and supply of certain product...................................................4Measures taken by the government.............................................................................................6Conclusion.......................................................................................................................................7
BUSINESS ECONOMICS Name of the University Author's Note_2
2BUSINESS ECONOMICSIntroductionThe Australians have a common tendency of smoking cigarettes. The smoking rate of theadult includes the persons who are regular smokers. At present, the smoking rate of an adult ofthis nation has declined as compared to previous few years (Clarke and Prentice 2012). Thisessay reflects on the present consumption of cigarettes and its market. It also facilitates ininvestigating the factors that influences cigarettes demand and supply. In addition, the productnature and its demand elasticity is also discussed in this study. Moreover, the elasticity ofcigarettes has been assessed according to its current demand and supply. Few measures adoptedby the Australian government that affects the cigarettes production is also explained in thisstudy.DiscussionThe market is analyzed based on the demand and supply of a particular product. Productdemand refers to the consumers wants that considers their capacity of purchasing power. Thereare different variables that influence products demand discussed below. Demand determinantsCigarette price- Goods price is inversely related with the demand for quantity of the good.Therefore, increase in cigarettes price leads to fall in demand for cigarettes.Customer’s income level- As cigarette is a luxury good, the individuals satisfies their demandif their income level rises. Thus, the purchaser’s income and the demand for quantity ofcigarettes are positively related with each other.
BUSINESS ECONOMICS Name of the University Author's Note_3

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