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Price elasticity of demand for cigarettes

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Reference no: EM133083024

Elasticity

  1. The price elasticity of demand for cigarettes is estimated to by 0.5. A pack currently costs $10. If you want to reduce smoking by 20%, how much tax should you apply to a pack?
  2. The cross-price elasticity between juice and coffee is 0.1, The price of coffee has recently risen by 50%. What will happen to the quantity of juice consumed?

Reference no: EM133083024

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