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Description

***Inelastic means less sensitive to changes in price and elastic means more sensitive to changes in price.*** So if consumers are very sensitive to the change in the price of the good then more of the burden will be shifted to the producer

However, its consumption has declined significantly in recent years due to the associated health risks of tobacco, regulations limiting or banning its use, and increased awareness about its dangers

It means restructuring dozens of daily moments that were previously organized around smoking

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