Estimates that where the elasticity of demand can be

Reference no: EM13192273

suppose that you are an intern for a state legislature that is considering how to vote on a bill that would legalize marijuana. An economist has testified that legalization would decrease the price of marijuana by 80% in his estimation. Because of uncertainty how legalization would impact people's decision to consume marijuana, the economist estimates that the elasticity of demand can be anywhere between -0.06 and -0.6. Write a short explanation for the state legislator starting how legalization impact on marijuana use would vary depending on the elasticity of demand.

Reference no: EM13192273

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