The Congressional Budget has estimated the following responses over a 10-year period to a 10 percent rise in cigarette prices. long run price elasticities for cigarettes Age group percent decline in smoking 12-17 years 5% 18 years 4.5% 19-39 years 4% 40 years and older 1.5% what is the long-run price elasticity of demand for cigarettes among 40-year olds?
The Congressional Budget has estimated the following responses over a 10-year period to a 10 percent rise in cigarette prices. long run price elasticities for cigarettes Age group percent decline in smoking 12-17 years 5% 18 years 4.5% 19-39 years 4% 40 years and older 1.5% what is the long-run price elasticity of demand for cigarettes among 40-year olds?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The Congressional Budget has estimated the following responses over a 10-year period to a 10 percent rise in cigarette prices.
long run
Age group percent decline in smoking
12-17 years 5%
18 years 4.5%
19-39 years 4%
40 years and older 1.5%
what is the long-run
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