Business
Business, 07.03.2020 04:16, rex1578

Studies indicate that the price elasticity of demand for cigarettes is about 0.4. A government policy aimed at reducing smoking changed the price of a pack of cigarettes from $2 to $6.

According to the midpoint method, the government policy should have reduced smoking by :

(A) 30%.

(B) 40%.

(C) 80%.

(D) 250%.

(E) 5%.

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Answers: 3

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