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

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

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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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