Because of a legal settlement over state health care claims, in 2018 the Saudi tobacco companies had to raise the average price of a pack of cigarettes from SR15 to SR25. The projected decline in cigarette sales was 10 percent (that means the quantity of demanded cigarettes declined by 10%). What does this imply for the elasticity of cigarettes? Explain your answer fully by performing the relevant calculations

Question 2:

Write the different aspects of market failure

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