Multiple Choice
The constant price elasticity of demand for cigarettes has been estimated to be -0.5.To reduce smoking by 50%,approximately how much tax needs to be added to a $1 pack?
A) $1.00
B) $2.00
C) $3.00
D) $0.50
E) $4.00
Correct Answer:
Verified
Correct Answer:
Verified
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