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Price elasticity of demand for cigarettes

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Reference no: EM131234873

You are given the following information:

  • Price elasticity of demand for cigarettes at currentprices is 0.5
  • Current price of cigarettes is $0.05 per cigarette.
  • Cigarettes are being purchased at a rate of 10 millionper year.

Find a linear demand that fits this information, and graph that demand curve.

Reference no: EM131234873

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