Solved: Price elasticity of demand for cigarettes at currentprices, Business Management

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Price elasticity of demand for cigarettes at currentprices

You are given the following information:

Price elasticity of demand for cigarettes at currentprices is 0.5
Current price of cigarettes is $0.05 per cigarette.
Cigarettes are being purchased at a rate of 10 millionper year.

Find a linear demand that fits this information, and graph that demand curve.

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Business Management: Price elasticity of demand for cigarettes at currentprices

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Business Management: Price elasticity of demand for cigarettes at currentprices

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