Illucidate demand both in the short run and long run

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Q. Is it important or why is it important for managers to understand the mechanics of supply and demand both in the short run and long run?

Q. Assume that the demand for cigarettes is perfectly inelastic, whereas the elasticity of supply is one. The equilibrium price is $1 a packet and the equilibrium quantity is 1000 packets a week. Then the government imposes a tax of $0.20 per pack. The new equilibrium price will be.

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