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Assume 1/8 of marijuana costing 30$ has about 8$ of various taxes added on. Assume price elasticity of demand for marijuana of -0.7, determine the

Assume 1/8 of marijuana costing 30$ has about 8$ of various taxes added on. Assume price elasticity of demand for marijuana of -0.7, determine the precentage change in quantity that would result from a price incread of 8$. Under what circumstances would the price rise by less than the full amount of a tax? How does price elasticity of demand affect revenues? Is marijuana a good source of tax revenues?

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