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(Economics) - Assignment Example

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Beer Taxes It is worthwhile to mention that beer drinkers could be divided into two major types. The first type is known as ‘casual drinkers’ who have price elastic demand; therefore, if price increases the quantity demanded reduces. The second type is known as ‘beer addicts’ who are hardcore drinkers so they have price inelastic demand…
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Assignment (Economics)
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The adverse impact of tax hike was phenomenal for casual drinkers as they massively reduced their consumption, thereby resulting in overall decrease in aggregate beer demand. Obviously, the producers were unable to increase prices substantially considering demand / consumption pattern and thus suffered stupendous financial losses. For instance, the producers adopted downsizing strategy, which in turn resulted in 50,000 job losses. The revenues to government also declined in general as the beer industry did not record significant market expansion and growth. The demand from hardcore drinkers also reduced as they switched to other cheap drinks to ensure their balance of their financial budgets. All in all, the rollback of levies / taxes would not lead to mammoth rise in consumption; rather will reduce financial burden on producers as well as consumers. Next, consumers would not change their drinking habit and start consuming irresponsibly; therefore, this is just a myth that rollback of beer taxes may cause grave healthcare issues. Reference Beer Tax Website “Just the Facts” Roll Back the Beer Tax http://www.rollbackthebeertax.com/ ... Read More
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