Assignment 1.1: Price Elasticity of Demand…

Economics

Assignment 1.1: Price Elasticity of Demand[1]
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1, 2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Effects on prices and quantity of marijuana sold in Washington, June and July 2015
Date Quantity Sold (average grams per day) Price (per gram) June 2015 (pre tax change) 310.0 13.18 July 2015 3Assignment 1.1: Price Elasticity of Demand[1]
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1, 2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Effects on prices and quantity of marijuana sold in Washington, June and July 2015 Date Quantity Sold (average grams per day) Price (per gram) June 2015 (pre tax change) 310.0 13.18 July 2015 307.0 13.48 [1] Much of this data comes from Hansen et al. (2017). However, some of the numbers were altered slightly for pedagogical reasons.

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