Lost Password?

A password will be emailed to you. You will be able to change your password and other profile details once you have logged in.

Does anybody know how to answer this Economics question?

Does anybody know how to answer this Economics question?

Proposition 19, also known as the Regulate, Control and Tax Cannabis Act of 2010, is a California
ballot proposition which will be on the November 2, 2010 California statewide ballot. It legalizes
various marijuana-related activities, allows local governments to regulate these activities, permits local
governments to impose and collect marijuana-related fees and taxes, and authorizes various criminal
and civil penalties. In March 2010 it qualified to be on the November statewide ballot. (WIKIPEDIA)
Let’s make a couple of assumptions. First, let’s assume that Prop 19 passes on November 2nd and
marijuana becomes fully legal in California. Let’s assume further that the federal government does
nothing to stop this (which they probably will since it will still be illegal at the federal level).
Using the knowledge you have obtained from the textbook, lecture, discussion, and the real world,
please give arguments that tell me the following:
What will happen to Demand, Supply, Quantity Demanded, Quantity Supplied, State Revenue and
Price of the good. Be sure to explain this in a way to someone who has never taken and economics
class before.

Like this? Share it.

Related Posts