=+3. Recent research confirms that the demand for ciga- rettes is inelastic, but it also indicates that

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=+3. Recent research confirms that the demand for ciga- rettes is inelastic, but it also indicates that smokers with incomes in the lower half of all incomes re- spond to a given price increase by reducing their purchases by amounts that are more than four times as large as the purchase reductions made by smok- ers in the upper half of all incomes.

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Microeconomics Private And Public Choice

ISBN: 9780324320367

11th Edition

Authors: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

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