A study reported that a 10 increase in the price of


A study reported that a 10% increase in the price of cigarettes would reduce consumption by 4% in the short-run and by 7.5% in the long-run. Based on these estimates, what happens to the price elasticity of demand for cigarettes as more time elapses since the change in price? Briefly explain why.

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Microeconomics: A study reported that a 10 increase in the price of
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