Tobacco industry must follow stringent package warning rules: SC
The article refers to the recent directive by the Indian State Government on following the health warning rules on the cigarette packets. The health warnings , according to the directive should cover a reasonable area on the packet to draw attention instead on just being a minute footnote.
Topics include Externalities, Marginal private Cost, Marginal Social Cost, and Negative Externalities of Consumption and Market failure. Explain using the diagrams for Negative Externalities of Consumption and Government Intervention to address the Negative Externalities.
Evaluation will include impact on Producers(Tobacco Industry), Consumers and society in general. Compare the Social costs of Negative Externalities versus the need for Government Intervention in short term and long term.