Is cig demand elastic or inelastic

Reference no: EM13190644

It is estimated that US tobacco settlement betwwen major tobacco companies and 46 states caused the price of cigs to jump by 45 cents per pack (21 per cent) and overall per capita cig consumption to fall by 8.3 per cent. What is the elasticity of demand for cigs? Is cig demand elastic or inelastic?

Reference no: EM13190644

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