This topic contains a solution. Click here to go to the answer

Author Question: If the demand for cigarettes is highly inelastic, this indicates that: a. higher cigarette prices ... (Read 42 times)

mmm

  • Hero Member
  • *****
  • Posts: 558
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Toya9913

  • Sr. Member
  • ****
  • Posts: 341
Answer to Question 1

d

Answer to Question 2

b




mmm

  • Member
  • Posts: 558
Reply 2 on: Jun 30, 2018
:D TYSM


nguyenhoanhat

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Excellent

 

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

Did you know?

The most destructive flu epidemic of all times in recorded history occurred in 1918, with approximately 20 million deaths worldwide.

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Did you know?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

For a complete list of videos, visit our video library