Option #1: Legalization of Cannabis
Recently, a few states have legalized the recreational use of cannabis (marijuana). Respond to the following questions/topics:
- How has the legalization impacted the market for this good? Very briefly discuss the price elasticity of demand for the good and what determines the elasticity.
- In light of your readings for this week, how would you anticipate the market to change over the next few years?
- Briefly discuss a substitute good and a complementary good for legal cannabis.
- Create a supply-demand graph illustrating one of the shifts discussed in your paper, and explain the shift.
- Your paper should be at least 2 pages in length and must conform to the CSU-Global Guide to Writing and APA Requirements.
- Include a supply-demand graph.
- Incorporate at least three scholarly references that are not required readings for this module. The CSU-Global Library is a good place to find these references.