You are given the following information:⢠Price elasticity of demand for cigarettes at currentprices is 0.5.⢠Curren...
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You are given the following information:
⢠Price elasticity of demand for cigarettes at currentprices is 0.5
.⢠Current price of cigarettes is $0.05 per cigarette.
⢠Cigarettes are being purchased at a rate of 10 millionper year.
Find a linear demand that fits this information, and graphthat demand curve.