Income Elasticity of Demand, Price Elasticity of Demand and Negative Externalities all in one article. Magnificent.
The price of alcohol has halved since the 1960s and the amount we are drinking (as a nation) has doubled.
But that apparently isn't a good thing as a quarter of all dementia is caused by heavy drinking.
What are the other negative externalities of heavy (binge) drinking. Can you draw a diagram to show the effect.
If, at one point you were able to, but can't now draw the diagram, is this because you've been drinking too much?
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