Question: Answer each option separately Minimum of 200 words Option 1: If the price of a good increases, what happens to consumer surplus? Why? If the

Answer each option separately

Minimum of 200 words

Option 1: If the price of a good increases, what happens to consumer surplus? Why? If the price of a good decreases, what happens to consumer surplus? Why? Explain a recent situation in which you purchases a good for more or less than anticipated and what happened to your consumer surplus.

Option 2: Are cigarettes relatively demand elastic or demand inelastic? Explain using the determinants of price elasticity of demand. Does the burden of cigarette taxes fall more heavily on buyers or sellers? Explain. Do you think that higher cigarette taxes will deter more people from smoking?

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