Econ 101 Class 14 Questions 1. Consider the following quotation from a July 25, 2005, New York Times article written by David Leonhard. “WHEN you look back on all the attempts to curb teenage drinking, smoking and drug use over the last couple of decades, you start to ask yourself a question that countless parents have asked: Does anybody really know how to change a teenager's behavior? Much of this back and forth is unnecessary. There is in fact a surefire way to get teenagers to consume less beer, tobacco and drugs, according to one study after another: raise the cost, in terms of either dollars or potential punishment. Teenagers, it turns out, are highly rational creatures in some ways. Budweisers and Marlboros are discretionary items, and their customers treat them as such. Gasoline consumption, by contrast, changes only marginally when the price of a gallon does.” According to the NY Times article, teenage demand for tobacco is _______ elastic than teenage demand for gasoline because teenagers have ______ substitutes for tobacco and alcohol than they have for
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