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QUESTION
Suppose that cigarettes cost $2.50 per pack, and a state imposes a $1.00 per pack excise tax. In response, average cigarette consumption decreases by...
Suppose that cigarettes cost $2.50 per pack, and a state imposes a $1.00 per pack excise tax. In response, average cigarette consumption decreases by 10 percent. This would indicate a price elasticity of (use the arc elasticity formula):
