Caannabis legalization, economics homework help

timer Asked: Mar 27th, 2017
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Question Description

Option #1: Legalization of Cannabis

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.


  • Your paper should be at least 2 pages in length and must conform to the CSU-Global Guide to Writing and APA Requirements.
  • Include a supply-demand graph.
  • Incorporate at least three scholarly references that are not required readings for this module. The CSU-Global Library is a good place to find these references.

Tutor Answer

School: Rice University

Your assignment is ready please feel free to consult where necessary. Thank-You.

RUNNING HEADER: Cannabis Legalization


Cannabis Legalization
Institutional Affiliation



Cannabis is a flowering plant or herb that is rampant in areas such as central Asia and the
Indian areas. It has later been discovered in various parts in the world such as Jamaica, parts of
Africa and southern America. Cannabis has been used for many purposes from previous
generations. Fibre, medicinal uses and hemp oils are extracts from cannabis. The drug is also
used for recreational purposes. Cannabis has been bred for the production of cannabinoids. Other
oils extracted from the plant are hash and hashish (Peter Reuter, 2001).
The legalization of marijuana is increasing at a reasonable rate. The legalization is mostly
for adults. There ha...

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