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Suppose that demand for consumption of cigarettes in the US can be modeled by q - 4.5p -0-7 where p is the price of cigarettes

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Suppose that demand for consumption of cigarettes in the US can be modeled by q - 4.5p -0-7 where p is the price of cigarettes and q is the quantity demanded in millions. 18. Find the point elasticity of demand as a function of the price." 19. What can you conclude about the elasticity at every price level?" 20. What can you conclude about the market for cigarettes based on the elasticity analysis?" 21. What keeps individual cigarette producers from raising their prices to increase revenue?" 22. Give an example of another product in the US economy that might have inelastic demand. Explain why? 23. Give an example of a product in the US economy that might have elastic demand. Explain why?"

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