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Suppose consumers buy TO million packs of cigarettes per month at a price of $5 per pack. lfa $1ta> 1) Airline travel, long run 2.4

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Suppose consumers buy TO million packs of cigarettes per month at a price of $5 per pack. lfa $1ta> 1) Airline travel, long run 2.4 Restaurant meals 2.3 Fresh fish 2.2 New cars, short run 1.2-1.5 Unitary elastic (E = 1) Private education 1.1 Radios and televisions 1.2 Shoes 0.9 Movies 0.9 Relatively inelastic (E

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