Business, 21.06.2020 05:57 10033636

Economists' estimates of price elasticities can differ somewhat, depending on the time period and on the markets in which the price and quantity data used in the estimates were gathered. An article in the New York Times contained the following statement from the Centers for Disease Control and Prevention: "A 10 percent increase in the price of cigarettes reduces consumption by 3 to 5 percent." Given this information, compute the range of price elasticity of demand for cigarettes. Source: Shaila Dewan, "States Look at Tobacco to Balance the Budget," New York Times, March 20, 2009. According to the article, the price elasticity of demand for cigarettes ranges from nothing (the lowest end of the range in absolute value) to nothing. (Enter your responses as real numbers rounded to two decimal places.) Explain whether the demand for cigarettes is elastic, inelastic, or unit elastic.

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