The elasticity of demand for cigarettes is estimated to be, Business Economics

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The elasticity of demand for cigarettes is estimated to be

The elasticity of demand for cigarettes is estimated to be about - 0.5. Assume the elasticity of supply of cigarettes is 1

a. If the government places a tax of $0.60 on cigarettes, how much will the price of cigarette increase (approximately)?

b. Assume the price of cigarettes was $40 before the price increase. What will happen to the quantity of cigarettes demanded after the tax is implemented?

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