What is the elasticity of demand for this group? Is their cigarette demand elastic or inelastic?
The United States Tobacco Settlement between the major tobacco companies and 46 states caused the price of cigarettes to jump 21% (45¢ per pack). Levy and Meara (2006) found only a 2.65% drop in prenatal smoking 15 months later. What is the elasticity of demand for this group? Is their cigarette demand elastic or inelastic?
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Price inelastic, since with an increase in price, there is a less than proportionate fall in quantity demanded. This is probably because smoking is an addiction/habitual routine and hence consumers are unlikely to switch to other alternatives in the short term.
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