Economic theory tells us that when the price of a good increases demand for that good will decrease.

| December 7, 2018

Economic theory tells us that when the price of a good increases demand for that good will decrease. Use economic theory to show how the demand for cigarettes has changed over time (including both the percentage of population who smoke and the number of tobacco products consumed). What does the evidence tell us about the price elasticity of demand for cigarettes over time and is the price elasticity of demand the same for all population groups? Provide an example of a policy that will impact on …

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