Answer the following question

Homework Help - Q Apps ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co 2018 Florida DMV P... New Tab Feds Online G mawista - Google S... P Financial Software a... SF Business Admin, A.A. w Client Service Rep Homework 2 (Chapters 6 and 7) i Saved Help 7 IN THE NEWS Professor Becker Rejects Clinton's Tax Math In seeking ways to balance the federal budget, President Clinton has seized on the excise tax on 1.66 cigarettes. That tax, now at 24 cents per pack, brought in around $12 billion in federal revenue last points year. President Clinton says that raising that tax by $1 a pack could generate another $53 billion over the next five years. Chicago professor and Nobel laureate Gary Becker says the president is blowing smoke. A eBook quadrupling of the excise tax will convince a lot of smokers to quit-or at least smoke less. Because smoking is addictive, the decline in smoking won't be immediate. In the short run every 10 percent Print hike in the price of cigarettes will reduce consumption by only 4 percent. But in the long run, smoking will decline by about 7 percent. As a result, the tax hike will bring in only a fraction of what References Clinton anticipates. Source: Media reports, 1994. According to Professor Becker, by how much will sales decline in the long run? percent Mc Education O m a e Type here to search