2 pages, APA Format, 2 references
Recently, a few states have legalized the recreational use of cannabis (marijuana). Respond to the following questions/topics:
- How has the legalization impacted the market for this good? Very briefly discuss the price elasticity of demand for the good and what determines the elasticity.
- In light of your readings for this week, how would you anticipate the market to change over the next few years?
- Briefly discuss a substitute good and a complementary good for legal cannabis.
- Create a supply-demand graph illustrating one of the shifts discussed in your paper, and explain the shift. Please note, that you need to create the graph and not copy it from any source. Any copied and pasted graphs will not earn any points.