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MAE101 Economic Principles Assignment

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Definitions and Concepts
i. What is the meaning of tax incidence when a tax is levied on a market?
ii. In Chapter 1 of Gans et al. (2015) we studied the 10 economic lessons. Can you identify which economic lesson is applicable to taxing sugary drinks and briefly explain the economics behind this policy.
This question considers the impact of a tax on the market for sugar-sweetened drinks and its impact on related markets. This question does not require you to use actual data for your diagrams, but rather a general representation of these markets. (Use the Insert Shapes Line feature in MSWord to draw and label your diagrams).
i. Draw a fully-labelled demand and supply diagram to represent the market for sugar-sweetened drinks.
Illustrate the effect of a tax levied on consumers of sugar-sweetened drinks. Clearly label the changes you have made in your diagram and explain the impact on the equilibrium price and quantity following the introduction of the tax.
ii. Sugar is a key ingredient in the production of sugar-sweetened beverages. Draw a new fullylabelled diagram that represents the Australian sugar market and discuss the likely impact to this market of a tax being levied on sugar-sweetened drinks. Again, clearly label the changes you have made in your diagram and the effect on equilibrium price and quantity of sugar.
iii. The last part of this question looks at the likely impact of a tax on sugar-sweetened drinks on the market for non-sweetened, artificially sweetened or low-sugar beverages.
Draw a fully-labelled diagram that represents these combined markets and discuss the likely impact of the introduction of a sugary drinks tax, explaining the economic relationship between these markets and the sugar-sweetened drinks market.
i. According to a report by the Grattan Institute (Duckett and Swerissen, 2016), it was estimatedthat the own price elasticity of demand for sugar-sweetened beverages was -0.9. Briefly interpret this elasticity estimate and discuss its relationship to the effectiveness of a tax on the consumption of sugar-sweetened drinks.
ii. Most studies show that sugary drinks are consumed in high proportions by children and teenagers, as well as low-income households. How would these consumer characteristics help to improve the effectiveness of a consumption tax on sugary drinks?
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