question archive The government commissioned a research firm, Super Consulting, to conduct a study on the market demand for cigarettes in Malaysia
The government commissioned a research firm, Super Consulting, to conduct a study on the market demand for cigarettes in Malaysia
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The government commissioned a research firm, Super Consulting, to conduct a study on the market demand for cigarettes in Malaysia. The firm reported that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes costs $2 and the government wants to reduce smoking by 20 percent, by how much should it increase the price?
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