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3. A study of the cigarette industry notes that In 1918, Lucky Strike cigarettes were sold for a short time at a higher retail price
3. A study of the cigarette industry notes that \"In 1918, Lucky Strike cigarettes were sold for a short time at a higher retail price than Camel or Chestereld and rapidly lost its business\" (Tennant 1961). However, another study using the same data estimated that during the same period the price elasticity of cigarette demand is between 0.3 and 0.4. After taking the micro class, XiaoMing states that at least one of these studies must be mistaken. [Final 2019] (a) Which piece of knowledge from our class do you think XiaoMing's statement is based on? (b) Do you agree with XiaoMing's statement or not? Why
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