The price elasticity of demand for cigarettes by adults is -1.3 while for young smokers it is -0.4 . A tax on cigarettes would lead to which of the following effects?
a. a smaller reduction in the quantity of cigarettes demanded by younger smokers than by older smokers
b. the same reduction in the quantity of cigarettes demanded by both age groups
c. a larger reduction in the quantity of cigarettes demanded by younger smokers than by older smokers
d. no impact on the quantity of cigarettes demanded by either group
e. not enough information to predict the impact
Question 2
Which of the following does not determine a good's price elasticity of demand?
a. the time interval considered
b. the number of substitutes there are for the good
c. expenditures on the good as a percentage of the total consumer budget
d. the slope of the demand curve
e. the more of a luxury a particular good is
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