Suppose that the demand elasticity for cigarettes is equal to 2.0. If the demand elasticity for Camel cigarettes is equal to 6.0, must there be at least some cigarette brands with a demand elasticity less than 2.0. Explain.

answer:

Heres Your answer The degree to which a good has close substitutes depends in part on how specifically it is defined. A narrowly defined good like a specific brand name of cigarettes will frequently have close substitutes like other brand name cigarettes and elasticity will tend to be higher.

Explanation:

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