The price elasticity of demand for adults

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The price elasticity of demand for adults for cigarettes is 0.4. If government wants to reduce smok- ing among adults by 15 percent, by what percent- age should it raise the price of cigarettes? Teenagers have a higher price elasticity of demand for cigarettes than do adults. Suppose the price elasticity of teenager's demand for cigarettes is 0.8. If the government imposes a tax on cigarettes that raises the price to reduce overall smoking by 15 percent, by what percentage will the government reduce teenage smoking?

Reference no: EM13996418

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