discussion question 779

(NEED TO READ THE ARTICLE AND WATCH THE VIDEO, THEN ANSWER THE QUESTIONS)

STEP 1: Read the article:
Roadblocks to Recovery: Economics and the war on drugs

STEP 2: Watch the video:Why The War on Drugs Is a Huge Failure

STEP 3: Answers the following questions: (No need to copy the questions, you can answer the questions by order.)

1. What is the elasticity of demand for drug use, e.g. is Ed >1, <1, or =1? What factors make it so?
   • Note: Ed = elasticity of demand
2. What is the elasticity of supply for drug dealing, e.g. is Es >1, <1, or =1? What factors make it so?
   • Note: Es = elasticity of supply
3. What are the results of a decrease (leftward shift) in the supply of drugs, e.g. what happens to the price and quantity of drugs?
4. What are the results of a decrease (leftward shift) in the demand for drugs e.g. what happens to the price and quantity of drugs, and drug revenue?