Suppose that when the price of cigarettes decreases by 20 percent, the quantity demanded increases by 10 percent. The absolute value of price elasticity of demand for cigarettes is , making cigarettes an product (in this example).
Group of answer choices
0.6; elastic
1.7; inelastic
0.5; inelastic
1.7; elastic
2.0; elastic
Answers: 2
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Suppose that when the price of cigarettes decreases by 20 percent, the quantity demanded increases b...
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