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Tcecarenko [31]
3 years ago
15

A study found that, among addicted smokers, a 10 percent increase in the price of cigarettes resulted in a 2 percent decrease in

quantity demanded. For these consumers, cigarettes have a(n) ________ price elasticity demand.
Business
1 answer:
trapecia [35]3 years ago
5 0

Answer:

inelastic PED

Explanation:

Price elasticity of demand (PED) is the proportional change in quantity demanded of a good or service if the price changes by 1%. The PED is calculated by dividing the percentage change in quantity demanded by the negative percentage change in price.

PED = -2% / -10% = 0.2 inelastic

If PED > 1, elastic demand

If PED < 1, inelastic demand

If PED = 1, unitary demand

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