Question: Suppose the demand function for cigarettes is given by QD = 120 4P, and the supply is given by QS = 12P 200. Determine the

Suppose the demand function for cigarettes is given by QD = 120 4P, and the supply is given by QS = 12P 200.

Determine the range of prices and quantities for which the demand is elastic, and the range of prices and quantities for which the demand is inelastic.

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