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5.3 Elasticity and Pricing Learning Objectives Analyze how price elasticities impact revenue Evaluate how elasticity can cause shifts in demand and supply Predict how the long-run and short-run impacts of elasticity affect equilibrium Explain how the elasticity of demand and supply determine the incidence of a tax on buyers and sellers Studying elasticities is useful for a number of reasons, pricing being most important

Each cigar is carefully crafted using a selection of high-quality natural and treated tobaccos, resulting in a uniquely tapered body that enriches the overall smoking enjoyment