Suppose consumers buy 60 million packs of cigarettes per month at a price of $5 per pack. If a $2 tax is added to that price, Instructions: Enter your responses as a percentage rounded to one decimal place. a. By what percentage does the price change? percent

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Suppose consumers buy 60 million packs of cigarettes per month at a price of $5 per pack. If a $2 tax is added to that price, Instructions: Enter your responses as a percentage rounded to one decimal place.

a. By what percentage does the price change? _________ percent
Transcribed Image Text:Suppose consumers buy 60 million packs of cigarettes per month at a price of $5 per pack. If a $2 tax is added to that price, Instructions: Enter your responses as a percentage rounded to one decimal place. a. By what percentage does the price change? _________ percent
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