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I'd go for an explanation of why smoking creates external costs to society (and hence market failure) with a diagram about the negative externality of consumption and then I'd go on to the tax (explain how a tax can solve the problem) together with new diagram: same as the first one, but now with a shift of the MPC upwards (and thus new equil. quantity closer to the socially optimal one).

Make sure that you explain both diagrams in detail and that you stay focused on the article. Hope this helps.


IB Economics teacher, examiner and tutor

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I want to help you, just write me in pm. I am a good specialist in the field of micro and macro economics. I worked as an assistant professor at the Department of Economics at Boston University of Economics, Professor John Carneg. If you need tobacco tax schedules. the product and their negative externality of consumption graph, you can find them on this site https://tradingeconomics.com/, this is a good site, I often took graphs and materials for lectures from there, the professor was very pleased with me, you may also need help writing an essay, it's also quite complicated tasks that you may not be wrong with, but on this site Paperial.com, you will find all the necessary materials or the help of professional writers, when I was at university, I often turned to this resource for advice. I was glad to help you. If you still have questions, then you can write to me personally.

Edited by IsabelleFoster
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