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Is this an example of scarcity or a shortage?Consider the case where the government raised the price so that exactly the same amount of quantity was bought by customers as allowed for under the water restriction scenario. Use a graph to explain the impact of the market. Is this an example of a scarcity or a shortage and explain any differences if any between a price rise and a restriction of consumption. What were the two factors that lead to a decrease in the consumption of cigarettes?How does this compare to the adoption of plain packaging?Hint: how does each of these impact on demand and/or supply and why. c. Plain packaging was linked to a fall in consumption of 2% over three years. Using graphs in your explanation show why it is difficult to change the quantity of cigarettes in relation to all three factors. Task 4: Costs of Production Q1. What is the difference between explicit costs and implicit costs?List three examples each of explicit costs and implicit costs that may be experienced by a small business. Q2. In economics, what is the difference between the short run and the long run?Explain using a real world example why the length if the short run varies for different firms.
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Sean advised me that for now we should just put this aside, she said. He actually suggested that I change their names for now. Woods said that he intended this decision to be temporary, pending further reporting and review. Erdely used pseudonyms in her first draft: Randall, Cindy and Andrew. She relied solely on Jackies information and wrote vividly about how the three friends had reacted after finding Jackie shaken and weeping in the first hours of Sept. 29:The group looked at each other in a panic. They all knew about Jackies date that evening at Phi Kappa Psi, the house looming behind them. We have got to get her to the hospital, Randall declared. The other two friends, however, werent convinced. Is that such a good idea? countered Cindy. Her reputation will be shot for the next four years.