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Price elasticity of demand for cigarettes

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Reference no: EM131507571

Assume the price elasticity of demand for cigarettes is -0.3 and the income elasticity is 0.5.

If a tax increases the consumer price by 15%, what effect will this have on consumption.

Suppose a friend tells you that income will rise 50% in the next decade and cigarette sales are going to grow substantially, what would be your reaction to this tip?

Reference no: EM131507571

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