Elasticity of Demand
Elasticity of Cigarettes in Alexandria
The article discusses the impact of the increase of cigarette prices in Alexandria. It discusses how people react to the increase and see how much more of an increase in price consumers is willing to accept before the stop buying the cigarettes.
Elasticity is a measure of how sensitive one variable is to another. In particular, it measures how sensitive the quantity of a good that people demand is to the price of the good. So if price where to increase, would these encourage consumers to buy less? …
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