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How would you anticipate the market to change over next year

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Reference no: EM131252312

Microeconomic Principles: Legalization of Cannabis

2-3 Pages with sources

Recently, a few states have legalized the recreational use of cannabis (marijuana). Respond to the following questions/topics:

• How has the legalization impacted the market for this good? Very briefly discuss the price elasticity of demand for the good and what determines the elasticity.

• In light of your readings for this week, how would you anticipate the market to change over the next few years?

• Briefly discuss a substitute good and a complementary good for legal cannabis.

• Create a supply-demand graph illustrating one of the shifts discussed in your paper, and explain the shift.

Reference no: EM131252312

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