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Business, 11.03.2020 22:47 dpchill5232

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

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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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