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Author Question: If the demand for cigarettes is highly inelastic, this indicates that: a. higher cigarette prices ... (Read 28 times)

mmm

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on: Jun 30, 2018
If the demand for cigarettes is highly inelastic, this indicates that:
 a. higher cigarette prices will increase the demand for cigarettes.
  b. the price elasticity coefficient of cigarettes exceeds 1.
  c. the price elasticity coefficient of cigarettes equals 1.
  d. the quantity of cigarettes purchased by consumers is not very responsive to a change in the price of cigarettes.

Question 2

If a demand curve for a good were completely vertical, it would be considered:
 a. perfectly elastic.
  b. perfectly inelastic.
  c. of unitary elasticity.
  d. relatively inelastic.


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Toya9913

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

b


mmm

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

6ana001

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Reply 3 on: Yesterday
Wow, this really help

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