What is the elasticity of demand for cigarettes

Reference no: EM131324587

Keeler et al. (2004) estimate that, when the U.S. Tobacco Settlement between major tobacco companies and 46 states caused the price of cigarettes to jump by 21% (45¢ per pack), overall per capita cigarette consumption fell by 8.3%. What is the elasticity of demand for cigarettes? Is overall cigarette demand elastic or inelastic?

Reference no: EM131324587

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