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Studies indicate that the price elasticity of demand for cigarettes is about 0.4 If a pack of cigarettes currently costs 2 and the government wants to reduce smoking by 20 percent by how much should?
Wiki User
∙ 11y ago
To simplify we take the percentage of 20/0.4 therefore the new price it cos 3
Wiki User
∙ 11y ago
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The concept used by economics to indicate the response of quantity demanded to a change in price is known as?
elasticity
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