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Economic of Marijuana:Supply, Demand and Associated Laws - Research Paper Example

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Economic of Marijuana : Supply, Demand and Associated Laws Abstract This study can help analyze the vast untapped market in marijuana that can give huge dividends, if a little caution is applied. Also, it helps to understand the dynamics of demand and supply in this field…
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Economic of Marijuana:Supply, Demand and Associated Laws
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Economic of Marijuana:Supply, Demand and Associated Laws

Download file to see previous pages... One such good is Marijuana, a powerful mood-altering drug that stimulates the brain and causes what is called a high. With the help of the theory of demand and supply, the economic aspect of marijuana can be scrutinized well. There are two parts to the analysis of Marijuana in economic terms – Marijuana as a harmful drug and Marijuana as a beneficial medicine. The paper will begin with the research with a concise theory on demand and supply. Effective Demand for a commodity can be defined as “demand backed up by enough money to pay for the good demanded.” (Stonier and Hague, 1980, p.18) Demand for a commodity depends on a number of factors. They are as follows. Price of the commodity (Px): This is the most important determinant of the quantity demanded. “The price of a good and the quantity the buyers are willing to purchase in a defined time period, ceteris paribus” (Tucker, 2011, p.59) exist in an inverse relationship with each other. This is known as the Law of Demand. It has been explained by the help of a graph. In the given figure, quantity demanded of a good increases from from q1 to q2 for a fall in price of p1 the good from p1 to p2. This shows that there is an inverse relationship between these two. ...
Some goods are known as Bads, e.g, Tobacco, Cigarettes, gutkas and so on. The demand for these goods is independent of price because the people buying them are addicted to them. So, their demand for these goods remains constant and may even increase with an increase in the price. “People often do and believe things because many other people do and believe the same things” (Miller, Vandome and McBrewster, 2009, p.76). This may be due to the desire to conform to a particular group or class and is called the Bandwagon Effect. Number of Buyers (n): As the number of buyers in the market increases, the quantity demanded of good increases. This is the reason that a population explosion results in an increase in aggregate market demand, at the same level of prices. An increase in demand at the same level of prices results in a rightward shift of the demand curve. So, now at p1, qty demanded will be more than q1. Tastes and Preferences (T): A change in tastes and preferences of the consumer may result in an increase or decrease in demand. Advertising, Fads, Fashions have a tangible effect on demand, in this respect. Income (I): Income affects demand in two ways for two different cases. For normal goods, demand increases with an increase in income. As income rises, more of a good becomes affordable. For example, the demand for goods like cars, wine, consumer goods increases with an increase in income. For Giffen (or inferior) goods like used cars, clothes bought at a discount, etc, demand decreases with an increase in income. Supply, too, depends upon a host of factors, just like demand. The determinants of supply are as follows. Price of the Commodity (Px): Supply, too, ...Download file to see next pagesRead More
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