Teenagers have a liiglher price elasticity of for cigarettes than do adults. Suppose the price clasticity of teenager's demand for cigarettes is 0.8, the price elasticity of adult's demand for ciga- rettes is 0.8. If the government imposes a tax on cigarettes that raises the price by 10 percent, by how much will it reduce teenage smoking? A) By 5 percent B) By 10 percent C) By 15 percent D) By 20 percent mand

Teenagers have a liiglher price elasticity of for cigarettes than do adults. Suppose the price clasticity of teenager's demand for cigarettes is 0.8, the price elasticity of adult's demand for ciga- rettes is 0.8. If the government imposes a tax on cigarettes that raises the price by 10 percent, by how much will it reduce teenage smoking? A) By 5 percent B) By 10 percent C) By 15 percent D) By 20 percent mand

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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