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Us beach vacations for Public health officials point to evidence that smoking worsens health as proof that no one should smoke. In contrast, economists believe that individuals seek to maximize their utility, not simply their health, and accept that some individuals may rationally decide to trade length of life for the pleasure derived from smoking. A large literature in economics has been devoted to estimating the price elasticity of demand for cigarettes among different groups. Most estimates of the price elasticity of demand for cigarettes among adults fall in the range of 0.3 to 0.5, which implies that raising the price of cigarettes by 10 percent will reduce the quantity of cigarettes demanded by 3-5 percent. In contrast, recent estimates of the price elasticity of demand for cigarettes among adolescents indicate that demand is almost entirely price inelastic; the quantity of cigarettes demanded by adolescents is simply not sensitive to the price of cigarettes. Us beach vacations 2016.

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