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The same research article includes the line the overall price elasticity of teen smoking was 1.44. This was more than three times the estimated elasticity
The same research article includes the line "the overall price elasticity of teen smoking was 1.44. This was more than three times the estimated elasticity of 0.42 obtained from the study of adults."
This implies that
Select one:
a.teenagers will purchase much fewer cigarettes if prices rise than adults, who will only reduce their purchases a minor amount.
b.teenagers are willing to pay more than three times as much for cigarettes as adults.
c.teenage cigarette demand is inelastic, while adult cigarette demand is elastic.
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