Consider public policy aimed at smoking. a. Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs $3 and the government wants to reduce smoking by 20%, by how much should it increase the price? b. If the government permanently increases the price of cigarettes, will the policy have a larger effect on smoking 1 year from now or 5 years from now? c. Studies also find that teenagers have a higher price elasticity than do adults. Why might this be true