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Order Paper Now( b. No, a $2 increase in the excise tax on liquor would shift Supply 1 left by $2. This actually reduces the equilibrium quantity rather than change the price. The equilibrium price does increase (as seen by P2) but the physical price that the company sets on the product remains the same. The company just ends up paying more to the government due to the excise tax.
c. In this case, hard alcohol and beer are substitutes so an increase in price for hard alcohol will cause the demand for beer to shift right when graphing the curves. Therefore, both price and quantity actually increase. )
