Quantity Figure 9.14.c:Short Run Q:Qo Quantity Figure 9.14.d:Long Run 15.In 1998,Americans smoked 23.5 billion packs of cigarettes.They paid an average retail price of $2 per pack. a.Given that the elasticity of supply is 0.5 and the elasticity of demand is-0.4, derive linear demand and supply curves for cigarettes. Let the demand curve be of the general form Q=a+bP and the supply curve be of the general form Q+dP,where a,b.and d are the constants that the in ation given above. To begin,recall the formula for elasticity ofdemand E、P40 AP Price Quantity S D PEQ PS Q1 Q0 D* PO Figure 9.14.c: Short Run Price Quantity S D PEQ PS Q1 Q0 D* PO Figure 9.14.d: Long Run 15. In 1998, Americans smoked 23.5 billion packs of cigarettes. They paid an average retail price of $2 per pack. a. Given that the elasticity of supply is 0.5 and the elasticity of demand is -0.4, derive linear demand and supply curves for cigarettes. Let the demand curve be of the general form Q=a+bP and the supply curve be of the general form Q=c+dP, where a, b, c, and d are the constants that you have to find from the information given above. To begin, recall the formula for the price elasticity of demand EP D = P Q Q P