Cigaretes Research Paper Example | Topics and Well Written Essays - 750 words

Cigaretes - Research Paper Example Aside from the price, the other factors that determine demand have well established and these are: the consumer’s taste or preference, the number of buyers in the market, the consumer’s income, the prices of related goods, and lastly, consumer expectations (McConnell, 2008, p. 47). The Tobacco Plain Packaging Act received the Royal Assent on Dec. 1, 2011 and the Executive Council of Australia released the Tobacco Plain packaging Regulations 2011 by the 7th of the same month. this statute primarily requires that all tobacco products in the Australian market be sold in plain packaging by the 1st of December 2012. The distinguishing marks between brands will only be the product name in standard color, position, font size and style (Department of Health and Ageing, 2012). Suppose that due to this plain packaging, the consumer’s preference for cigarettes considerably lessens, let us analyze how this will affect the demand for cigarettes in the Australian market. 2. The plain packaging of cigarettes together with the blatant health warnings were less appealing to the consumers, such that they bought lesser quantity of cigarettes. The demand curve shifts to the left. As the law of supply dictates, as price rises, the quantity supplied rises also just as when the price decreases, so does the quantity supplied. Aside from the price there are other factors that affect the supply and these are the following: the resource prices, technology, taxes and subsidies, prices of other goods, producer expectations, and the number of sellers in the market (McConnell, 2008, p. 51). A study by June, Hammond, Sjà ¶din, Li, Romanoff, and OConnor (2011) found out that cigarette fires are also among the leading causes of death related fires. Suppose that this finding also alarmed the Department of Health and Ageing that it passes a statute that requires cigarettes to be self-extinguishing when not being smoked by consumers.

Ending the Federal Reserve Essay Example | Topics and Well Written Essays - 2250 words

Ending the Federal Reserve - Essay Example The principal way that the Fed manages the economy and financial crises is to manipulate the money supply. The Fed does its work by adjusting three things: the reserve requirement, the discount/federal funds rates, and open market operations. There are a number of positive outcomes that can result if the Fed was abolished. One positive outcome is the end of the yo-yo monetary policies that leads the country to move from recessionary to inflationary periods. A second positive outcome is greater competition and safer investment among financial institutions. There are negative outcomes to ending the Federal Reserve. The principal negative outcome is that the business cycle will run unchecked. Financial crises will tear the nation apart even more than already do. The United States has wrestled with the idea of centralized banking since its birth. After suffering through serious financial crises in the 1880s and early 1900s, the United States settled on the Federal Reserve system. The country embraced central banks twice before creating the Fed. The country created the First Bank of the United States in 1791 and then let the charter lapse in 1811. Congress created the Second Bank of the United States in 1816 and then let that charter lapse in 1828 (The Federal Reserve, 2010). Both banks failed because they were seen as answering to big city money interests and not the ordinary agrarian citizen. (The Federal Reserve, 2010). Today the Fed is also associated by some with big financial conglomerates. The United States created the Fed after enduring a series of financial crises. Several banking panics rocked the country in the late 1800s and early 1900s. The United States took action after the panic of 1907. In that year, the nation faced a dire banking crisis caused by speculation. Private industry, led by J.P. Morgan, had to step in to save the economy. The government created an independent government body, the Fed, in