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Negative externalities of consumption
The negative effects suffered by third parties whose interests are not considered when a good or service is consumed, they therefore not compensated.
Draw a diagram for the NEC of cigarettes in Australia
Draw and explain diagram for indirect taxes on consumption of cigarettes
Draw and explain diagram for plain packaging and stringent advertising restrictions on consumption of cigarettes
Background info abt smoking in Austrilia/externality
In the early 2000s, approximately 21% of the Australian adult population were smokers, with higher prevalence among Indigenous Australians and lower-income groups.
Recognizing the health risks associated with smoking, such as increased rates of lung cancer, heart disease, and stroke, the Australian government initiated a comprehensive anti-smoking campaign.
According to a report by the Australian Institute of Health and Welfare (AIHW) published in 2013, the estimated total social costs of tobacco use in Australia for the 2004-2005 financial year were AUD 31.5 billion. This figure included healthcare costs, lost productivity, and other factors.
