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ECON 201 SEU Are Goods Substitutes or Compliments for Cigarettes Case Study

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Your expectations about the fuhire may affect your demand for a good or service today. If you expect to eam a higher income next month, you may choose to save less now and spend more of your current income buying ice cream. If you expect the price of ice cream to fall tomorrow, you may be less willing to buy an ice-cream cone at today’s price. Expectations Number of Buyers In addition to the preceding factors, which influence the behavior of individual buyers, market demand depends on the number of these buyers. If Peter were to join Catherine and Nicholas as another consumer of ice cream, the quantity demanded in the market would be higher at every price, and market demand would increase. The demand curve shows what happens to the quantity demanded of that in uence curve shifts. Table 1 lists the variables that in uence how much consumers choose to buy of a good. If you have trouble remembering whether you need to shift or move along the demand curve, it helps to recall a lesson from the appendix to Chapter 2. A curve shifts when there is a change in a relevant variable that is not measured on either axis. Because the price is on the vertical axis, a change in price represents a movement along the demand curve. By contrast, income, the prices of related goods, tastes, expectations, and the number of buyers are not measured on either axis, so a change in one of these variables shifts the demand curve. Summary Two Ways to Reduce the Quantity g of Smoking Demanded g Public policymakers often want to reduce the amount that people smoke because of smoking’s adverse health effects. There are two ways that policy can attempt to achieve this goal. Oneway to reduce smoking is to shift the demand curve forcigarettes and other tobacco products. Public service announcements, mandatory health warnings on cigarette packages, and the prohibition of cigarette advertising on television are all policies aimed at reducing the quantity of cigarettes demanded at any given price. 1f successful, these policies shift the demand curve for cigarettes to the left, as in panel (a) of Figure 4. Price of the good itself Represents ‘ncome Shms the demand curve :01 t . Shifts the demand curve Tastes Shifts the demand curve Expectations Shifts the demand curve Number of buyers Shifts the demand curve mm. Lam; All ma… Rama or, mismanamma r é ‘ g é J! g .K _, ” f ‘.. v, u 7°‘ ” W/lfll I” $10.1’ I3‘ ll’ “”3? bf“ W11)’ l variables Th3‘ Influeinu Buyers Thls table Ilsts the varlables that affect how much consumers choose to buy of any good. Notice the specia| r°|e that the price of the good plays: A change in the good’s price represents a movement along the demand curve, whereas a change in one ofthe other variables shifts the demand curve. rm it. .B…k….tmvr..,mm “divismnnttstmmm m: mama… “shamandpm, an…“ mas-summer tum…g“mm [mayum…”a.m MW…an…“itm, m….t mm”…”it. at…“m.“ rmmm.t… my“wasm…”are…“mm”,at“.m:a…“ l a movement along the demand curve Prices of related goods ’fi’ 5 . . . fl A Change in This Variable t Table 1 fl Variable . awe». fi a good when its price varies, holding constant all the other variables buyers. When one of these other variables changes, the demand .t ‘ l 4 Shifts i” the Demand curve versus Movemen“ a|°ng the Demand curve If warnings on cigarette packages convince smokers to smoke less, the demand curve for cigarettes shifts to the left. In panel (a), the demand curve shifts from D, to D2. At a price of $2.00 per pack, the quantity demanded falls from 20 to 10 cigarettes per day, as re ected by the shift from point A to point B. By contrast, if a tax raises the price of cigarettes, the demand curve does not shift. Instead, we observe a movement to a different point on the demand curve. ln panel (b), when the price rises from $2.00 to $4.00, the quantity demanded falls from 20 to 12 cigarettes per day, as re ected by the movement from point A to point C. fi Figure (a) A Shift in the Demand Curve Price of A P°ii
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